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Can pension disputes arise with defined contribution plans?

As far too many Ohio residents already know, pension disputes can arise with any type of retirement plan. Sometimes it is not possible to prevent a dispute. However, other times, knowledge of the plan combined with solid legal counsel can help employees avoid a disaster.

For people who are uninformed about retirement options, a defined contribution plan means that the employee -- and sometimes the employer--contributes to retirement funds. This type of retirement plan has become popular for employees because it offers several important benefits. Let's look at a few of them.

More control: Many retirement plans assign a pension manager to invest and look out for your nest egg funds. By contrast, the defined contribution plan empowers employees to make decisions about their retirement funds.

More money: Under this type of plan, employees have an opportunity to receive a higher amount of funds when they retire. With other plans, there is typically a limit on how much retirement money a person can receive.

More portability: When employees leave their jobs for better opportunities, it may be difficult to move their existing retirement benefits. The defined contribution plan allows employees to take their money with them if they take a job with another employer.

Despite the risks associated with any retirement plan, it is always important to plan for the future. As noted, however, pension disputes can occur with the defined contribution plan just as they can with other retirement programs. If you end up receiving fewer retirement funds than your calculations say you should, you may need to consult with an experienced attorney.

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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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