ERISA Rights


Our Investment Loss Attorney Explain Your ERISA Rights

The Employee Retirement Income Security Act (“ERISA”) is a federal law that was passed in 1974 to protect the retirement savings and other benefits of employees and retirees working in the private sector. ERISA was enacted with the goal of ensuring that the funds that working Americans place into their retirement plans will be there when they retire.

Most ERISA provisions are effective for plan years beginning on or after January 1, 1975. These provisions establish minimum standards for employer-sponsored savings plans, including 401(k) and pension plans in private industry. ERISA also sets forth extensive federal income tax rules on the transactions associated with employee benefit plans. The Department of Labor, the Department of Treasury (particularly the Internal Revenue Service) and the Pension Benefit Guaranty Corporation all share responsibility for interpreting and enforcing ERISA.

Under ERISA, “plan fiduciaries” are required to meet certain standards. ERISA generally defines a “plan fiduciary” as any person or entity who exercises discretionary authority in administering or managing the plan or controlling the plan’s assets. ERISA also provides certain rights to employees participating in the plan. These rights include:

  • The Full and Honest Disclosure of Key Information. Plan fiduciaries must furnish participants with complete and accurate information about the plan’s features and funding and the company’s operations and financial condition. Plan fiduciaries are required to provide information to participants regularly and automatically and often free of charge.
  • The Establishment and Abidance by an Appropriate Standard of Conduct. ERISA holds plan fiduciaries accountable for abiding by an appropriate standard of conduct. Fiduciaries who fail to comply with these standards of conduct may be held responsible for restoring any losses to the plan, or for restoring any profits made through improper use of plan assets.
  • Remedies in Federal Court for Violations of ERISA. Plan participants have the right to seek remedies in federal court for violations of ERISA duties by plan fiduciaries. When a plan fiduciary breaches his/her duties under ERISA, a court may take whatever action is appropriate, including removing the fiduciary.
  • Minimum Standards for Participation, Vesting, Benefit Accrual and Funding. ERISA laws define how long an employee may be required to work in order to be eligible to participate in the employer plan, accumulate benefits and have non-forfeitable rights to the benefits. ERISA also sets forth detailed rules requiring employers to provide sufficient funding for their plans.
  • Payment Guarantees of Certain Benefits. ERISA guarantees the payment of certain pension benefits when a plan is terminated (ends). These payments are made through the federally chartered corporation established under ERISA, known as the Pension Benefit Guaranty Corporation (PBGC). When a plan terminates without sufficient funds to pay all pension benefits, the PBGC assumes the responsibility for paying these benefits.

An Experienced Investment Losses Attorney Can Advise You of Your Rights

The securities fraud law firm of Zamansky LLC aggressively investigates and prosecutes ERISA violation cases. Our attorneys represent employees and retirees across the nation who have suffered losses as a result of ERISA violations. To learn more about our firm’s ERISA and employment law practice, we invite you to explore the information provided on the pages below:

We encourage individuals with ERISA-related questions or concerns to contact our office to speak with an investment losses lawyer today. The investment arbitration lawyers at our firm can be reached via our online form or by calling (212) 742-1414. Zamansky LLC offers free, no-obligation initial consultations and responds to all inquiries within 24 hours.