Morgantown ERISA Lawyer

ERISA is a federal law that protects health care and retirement plans for employees and retirees. Approximately 70% of health care insurance in the United States is regulated to ERISA standards.

However, there are situations in which retirement plans get mismanaged, and suddenly, your retirement money disappears. Or maybe your claim for healthcare is denied, and you have to pay out-of-pocket for your medical bills. If your claim to retirement or health care was denied, you might benefit from consulting a Morgantown ERISA lawyer. An experienced personal injury attorney could inform you of your rights and help you take the next steps toward recovery.

Overview of ERISA

ERISA stands for the “Employment Retirement Income Security Act,” and was enacted into federal law in 1973. The primary purpose of the Act is to regulate retirement and health care plans in the private sector. In order to protect private workers and their families, the Act establishes minimum standards that voluntary retirement plans must adhere to.

Retirement plan providers in Morgantown must keep their participants well informed about their plan. The following list includes some of the information that organizations must provide their ERISA participants:

  • Vesting
  • Benefit accrual and funding
  • Grievance and appeals process
  • The right to sue for benefits
  • Fiduciary responsibilities of those managing and controlling the plan assets

The Employee Benefits Security Administration, a subdivision of the U.S. Department of Labor, administers ERISA requirements and compliance. The agency reviews the reports made by the employers and fiduciaries that manage the retirement plans. Employers still have the freedom to create the benefits they want, but they must comply with the minimum standards set under the Act.

Entities That ERISA Does Not Regulate

ERISA does not set standards for retirement plans that are privately purchased or maintained by a government entity or church. Additionally, the Act does not regulate plans that comply only with workers’ compensation, unemployment, or disability laws. Retirement plans that are orchestrated to benefit nonresident aliens outside of the United States are also not covered under ERISA.

Seeking Recovery Under ERISA in Morgantown

ERISA provides an appeal and grievance process that beneficiaries in Morgantown can pursue. However, seeking a legal remedy under ERISA could be difficult. If a retiree or employee is denied a retirement or health care claim, ERISA, as a federal law, preempts all state law causes of action.

This means that they must file their legal remedy pursuant to ERISA and could not seek damages under other causes of action, such as a breach of contract. Plaintiffs seeking relief under ERISA must show that the denial of their claim was an abuse of discretion, which could be difficult to prove.

Contact a Morgantown ERISA Attorney Today

Not knowing whether your health care or retirement plan is protected could be a terrible feeling. Being denied the benefits you worked so hard to receive is a challenging and frustrating ordeal. Seeking legal recovery under ERISA is a difficult obstacle to overcome, however, and you might be at a disadvantage pursuing a claim on your own. A Morgantown ERISA lawyer could help you fight for your rights. Call now to get started on your case today.