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The Employee Retirement Income Security Act (ERISA) is a federal law that sets minimum standards for pension plans established for private industry employees. For example, if your employer maintains a pension plan, ERISA specifies when you are allowed to become a participant, how long you have to work before you have a non-forfeitable interest in your pension, how long you can be away from your job before it might affect your benefits, and whether your spouse has a right to part of your pension in the event of your death.
ERISA does not require any and all private industry employers to establish a pension plan. It only requires that those who establish plans must meet certain minimum standards. The law generally does not specify how much money a participant must be paid as a benefit, and on occasion, some employers will use that to their advantage, capping benefits at a fixed priced so as not to assume a significant financial burden.
Many people have been victimized by the unscrupulous practices of private business owners looking to maximize personal profit. If you feel that your employer has failed to adhere to the standards of ERISA, then you are encouraged to discuss your situation with legal counsel immediately. Understanding your rights and available course of legal action can help eliminate feelings of anger and frustration towards your employer, and pave the way to the secure financial future you deserve for your labors.
