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Sometimes, retirement plan administrators, managers, and others involved
with the plan make mistakes. Some examples include:
-
Your 401k or individual account statement is consistently late or
comes at irregular intervals
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Your account balance does not appear to be accurate
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Your employer fails to transmit your contribution to the plan on a
timely basis
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Your plan administrator does not give or send you a copy of the Summary
Plan Description
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Your benefit is calculated incorrectly.
It is important for you to know that you can follow up on any possible
mistakes without fear of retribution. Employers are prohibited by law from
firing or disciplining employees to avoid paying a benefit, as a reprisal
for exercising any of the rights provided under a plan or Federal retirement
law (ERISA), or for giving information or testimony in any inquiry or
proceeding related to ERISA.
Start With Your Employer And/Or Plan Administrator
If you find an error or have a question, in most cases, you can start by
looking for information in your Summary Plan Description. In addition, you
can contact your employer and/or the plan administrator and ask them to
explain what has happened and/or make a correction.
Is it possible to sue under ERISA?
Yes, you have a right to sue your plan and its fiduciaries to enforce or
clarify your rights under ERISA and your plan in the following situations:
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To appeal a denied claim for benefits after exhausting your plan's
claims review process
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To recover benefits due you
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To clarify your right to future benefits
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To obtain plan documents that you previously requested in writing but
did not receive\
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To address a breach of a plan fiduciary's duties
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To stop the plan from continuing any act or practice that violates the
terms of the plan or ERISA.
What is the role of the Labor Department?
The U.S. Department of Labor’s Employee Benefits Security Administration (EBSA)
is the agency responsible for enforcing the provisions of ERISA that govern
the conduct of plan fiduciaries, the investment and protection of plan
assets, the reporting and disclosure of plan information, and participants’
benefit rights and responsibilities.
However, not all retirement plans are covered by ERISA. For example,
Federal, state, or local government plans and some church plans are not
covered.
The Department of Labor enforces the law by informally resolving benefit
disputes, conducting investigations, and seeking correction of violations of
the law, including bringing lawsuits when necessary.
The Department has benefits advisors committed to providing individual
assistance to participants and beneficiaries. Participants will receive
information on their rights and responsibilities under the law and help in
obtaining benefits to which they are entitled.
Contact a benefits advisor by calling toll free at 1.866.444.EBSA (3272) or
electronically at http://askebsa.dol.gov.
Action Items
Contact the Department of Labor’s EBSA for questions about ERISA, help
obtaining a benefit or if you believe your claim to benefits has been
unjustly denied or that your benefit was calculated incorrectly.
If you have information that plan assets are being mismanaged or
misused; If you think the plan fiduciaries are acting improperly; or If
you think your employer has been late in depositing your contributions (see
Part 7).
For more information or to have us answer any questions you may have,
please call 1-800-559-2900,
,
see our
contact Atlantic Financial
page,
or use this form to contact us:
Source
U.S. Department of Labor
(www.dol.gov)
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