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ERISA: Important points all Ohio employees should know

ERISA is an acronym for the Employee Retirement Income Security Act that was enacted in 1974. Contrary to popular belief, it is not a government program for which retiring workers can apply. Instead, it is a federal law that identifies the rights of employees -- and the obligations of employers -- regarding employee pension plans.

In an effort to help you better understand the value of ERISA, this post will discuss several points about this important legislation.

When does ERISA apply?

If your employer offers a pension plan to its workers, ERISA establishes the minimum standards for how your employer must manage that retirement plan.

Does ERISA require all employers to offer pension plans?

No, the law does not decide who must offer such a plan; it simply sets regulations on how these plans function to protect the funds you set aside for retirement through your employment.

Why do we need ERISA?

Before enactment of the law, most employees were not well-informed about their retirement plans. ERISA makes it mandatory for employers to offer their staff members information about they manage the funds paid into pension plans. Having access to more information helps employees spot mismanagement of pension plan funds.

How does it protect employees?

As you may know, plan administrators or fiduciaries have a responsibility to invest your retirement funds in a way that will maximize the amount you receive upon retirement. ERISA helps ensure that fiduciaries do not make overly risky investments or engage in other activities that put your retirement funds at risk.

If you do suspect mismanagement of your pension funds, consider asking an attorney to help you file an ERISA claim to ensure you get all of the retirement funds that you deserve. You have a right to expect all of your retirement funds to be there when they're finally needed.

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Law Offices of Tony C. Merry, LLC
7100 North High Street
Suite 302
Worthington, Ohio 43085-2567

Phone: 614-372-7114
Fax: 614-505-6109
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