Some of the most important regulations related to employee retirement plans and disability issues are laid out in ERISA. ERISA is an acronym that refers to the Employee Retirement Income Security Act. It’s one of the most important federal laws when it comes to workers’ protections. People in New Jersey know only too well how important this law is. ERISA covers medical benefits in addition to financial ones. Lawyers often reference ERISA in cases where work related disabilities are at issue.
In 2020, for example, ERISA’s protections were a significant part of the case against Magna International of America. The plaintiffs argued that in administering the retirement plan, a fiduciary duty to the members had been breached. Instead of looking out for the people invested in the plan, the administrators had sought to collect lots of fees. The plan was also rife with conflicts of interest.
Having a fiduciary duty means that a professional is obliged to act in another person’s best interests as part of doing their job. This issue commonly arises in financial relationships. Some investment professionals are fiduciaries. Real estate professionals are also often described as having a fiduciary duty to their clients. In the case of Magna International, it’s been suggested that the company and plan administrators breached their fiduciary duty. The argument is that they failed to look into lower-fee or otherwise more favorable investment options for the plan members.
Lawyers with experience in employment law can help people advocate for themselves and their benefits. People in Hackensack know that whether it’s a disability issue or social security claim, a good lawyer can help them get the results they deserve.