Pensions are more secure due to the Employee Retirement Income Security Act (ERISA). Your insurance claims under ERISA may appear complex, but with the right resources it can secure you the help you need.
According to the Department of Labor, the IRS oversaw private pension regulation between 1921 and 1959 before bringing in the DOL with the Welfare and Pension Plans Disclosure Act. Before ERISA’s enactment in 1974, some vestment plans netted an employee nothing before a specific age. Sometimes even as long out as retirement.
The act itself
ERISA does not require employers to establish pension or health insurance plans, but it regulates their operation once established. It establishes protections over information transparency as well as fiduciary responsibilities of employers as managers of these plans.
Its effects
In the years after its enactment, ERISA cases uncovered many practices and exploits on the part of corporations and insurance companies. As we have seen in our experience, insurance companies typically delay or deny long-term disability claims and benefits. Over the last five decades, ERISA has both rooted out these behaviors and established landmark judgments that provide employees the security they deserve when pursuing their claims.
Bad faith arguments and delay tactics can hamper your life. You are in need of an insurance claim when things are at their worst. Having a claim on hold for months only exacerbates things. Despite how complicated the topic is, knowing your way around the topic will help you navigate one of the most ubiquitous acts in employee benefits law. We encourage you to read more about it through our website.
