In 1974, Congress passed the Employee Retirement Income Security Act ("ERISA"), which protects employees' employee benefits plans from misconduct by employers. ERISA protects employees' retirement and pension plans and other employment-related benefits and provides remedies for employees whose rights are violated under ERISA.
Red Flags of a Potential ERISA Violation
- Company does not operate the plan for the exclusive benefit of participants
- 401(k) investments have suffered severe losses due to company misrepresentations
- Company fails to properly value plan assets
- Company fraud causes stock value to plummet and employees’ pension plans are left with little value
- 401(k) plan fiduciaries invest in company stock
- Company converts traditional pension plan into cash balance plan
- Value of plan is significantly decreased for long term/older workers
- Plan formula discriminates based upon age
- Company and its fiduciary cause or allow excessive and unreasonable fees to be charged by the plan service provider to participants
- Company mismanages employee pension plans
- Company merger
- Company fails to make truthful disclosures to plan participants about the company
- Company improperly includes company stock as an investment option in the plan
- Company is converted from a privately owned company to an employee owned company (ESOP)
- Company terminates employees just prior to employees right to receive benefits
- Company fails to follow the terms and conditions of the plan
- Company does not monitor service provider
If you suspect that you are the victim of an ERISA violation, we can help.
Contact Our Kansas City ERISA Attorneys
Contact Brady & Associates for a free initial consultation by phone regarding your employee benefits plan. Based in the Kansas City area, we work with employees in Kansas, Missouri, and elsewhere.
We are available to our clients after hours by appointment. Call us at (913) 696-0925.