The Employee Retirement Income Security Act (ERISA) is a critical piece of federal legislation for anyone who participates in a plan provided by their private employer. With only a few exceptions, this Act governs many healthcare, pension, and retirement plans in the United States, guaranteeing specific rights to employees and imposing strict restrictions on plan fiduciaries.
Unfortunately, not every employer adheres to the rules established by ERISA. If you believe your employer has violated this federal legislation, reach out to a Sandusky ERISA lawyer at Tittle & Perlmuter. With help from a knowledgeable attorney, you may be able to hold a negligent or fraudulent fiduciary liable for the financial harm you suffered.
Employer Duties Under ERISA
When a retirement, pension, or healthcare plan is subject to ERISA, the parties responsible for providing and maintaining them must provide all participants with information about what is covered, where its financing comes from, and how grievances can be filed if needed. It is important to note that any employer or entity that manages an ERISA-regulated plan owes a fiduciary duty to those enrolled in it. In other words, they have a legal obligation to act in the best financial interests of the participants at all times while dealing with plan assets.
However, there are several common ways that employers and/or fiduciaries might violate ERISA regulations, including:
- Misusing plan assets for personal gain
- Mismanaging plan assets in a way that results in avoidable losses
- Inappropriately denying benefits to qualifying current or former employees
- Interfering with an employee’s rights under ERISA
- Retaliating against an employee who utilizes their ERISA rights
Any employee in Sandusky who suspects their rights were violated should get in touch with an ERISA attorney as soon as possible.
Seeking Recovery for Financial Losses
In addition to potential criminal penalties, entities found guilty of ERISA violations may be subject to significant civil sanctions as well—specifically, reimbursement of losses experienced by plan participants. Through a successful lawsuit filed with an experienced legal professional, a Sandusky employee might be able to recover compensation for lost benefits resulting from negligence or fraud by a plan fiduciary. They may also be entitled to payments for interest on temporarily denied benefits and any applicable attorney’s fees.
Generally, fiduciary mistakes and losses due to incompetence are not punished as harshly as intentional malice or fraud. Accordingly, the specific amount that an individual plan participant could recover through this type of claim varies from case to case. An ERISA lawyer at Tittle & Perlmuter could review the particular circumstances of a Sandusky employee and provide an estimate of recoverable damages.
Meet with a Sandusky ERISA Attorney to Learn Your Rights
Despite the significant civil and criminal penalties that accompany violations, employers and fiduciaries in Ohio sometimes fail to live up to the ERISA standards. However, if you are negatively impacted by a violation as a qualifying plan participant, you may have legal options available to you for pursuing civil recovery.
An experienced Sandusky ERISA lawyer could discuss what may be possible in your situation during a confidential consultation. Call today to meet with a qualified legal professional at our firm.
