The federal statutes are laced with many acronyms, including IRS, SSA, HIPAA, ERISA, SSDI, and many others. Each acronym refers to a federal statute or portions of a single statute. Two of the most important acronyms for employees are HIPAA and ERISA. Both statutes are very long and enormously complex and cannot be properly summarized in a single blog post. Nevertheless, an understanding of the general purposes of each can aid employees in protecting important rights relating to their rights under employee pension plans and obtaining medical care under employer sponsored health insurance plans.
The Employee Retirement Income Security Act (ERISA) affects employees in New Jersey and all across the country by setting regulations on the management of employer-sponsored retirement plans. If a member of a retirement plan subject to ERISA believes that the plan's sponsors have violated their fiduciary duties to members of the plan, the member can bring a lawsuit in federal court to challenge the actions. Like most federal statutes, ERISA provides a deadline within which such lawsuits must be filed. For violations of the fiduciary provisions of the law, such claims must be filed within three years after the employee acquires "actual knowledge" of the violation. The meaning of this phrase was argued before the Supreme Court in a case heard last week.
The Employee Retirement Income Security Act may be one of the most complex federal statutes that affects the rights of everyday workers. The Act was passed in 1985 to protect the contributions and benefits that workers make to retirement plans offered by employers and to ensure that the workers' benefits are not wasted by improper management.
One of the most beneficial federal statutes has an especially ominous nickname: COBRA. The name stands for Congressional Omnibus Budget Reconciliation Act. The statute was passed in 1985 to assist employees whose group health insurance was discontinued, either because the employee's job was terminated or because the employer decided to discontinue the coverage.
The Employee Retirement Income Security Act is a federal statute intended to protect workers' rights under various benefit plans that may be provided by an employer. ERISA does not require New Jersey employers to provide specific kinds of plans, but once an employer offers a benefit plan, it must obey ERISA's requirements for processing and granting or denying claims.
New Jersey workers who take part in the Employee Retirement Income Security Act are doing so to make certain they are fully protected with their health and retirement plans while employed in a private industry. The law requires that these workers are given information about the plan, how it is funded, what the requirements for participation are, what benefits they have, who controls the assets and more. If a person needs to file a claim - especially related to disability - based on ERISA, there can be unforeseen problems that will arise. Having legal assistance for the claim and appealing it if necessary is useful.
For New Jersey residents who find themselves in need of bridge medical coverage after job loss, the Consolidated Omnibus Budget Reconciliation Act, commonly known as "COBRA," can be a lifesaver for the individual and a family. Much like other work-related benefits programs like ERISA and EBSA providing disability coverage and other benefits, COBRA lets people pay a certain amount to maintain medical coverage. Like any federal plan of this kind, there are certain requirements that must be met.
For New Jersey residents who have privately bought disability insurance on their own or are taking part in a group plan offered by employers, it can be confusing and worrisome when they are injured, ill or disabled and they realize that they need to use the benefits. With these cases, it is imperative to understand the federal law when it comes to the Employment Retirement Income Security Act, also referred to by the acronym ERISA.
With jobs and benefits in flux with the changing landscape in New Jersey and across the nation, being protected for the future is one of the biggest concerns that people will have. The potential for suffering an injury that leaves a worker disabled and unable to work is always a lingering worry. Knowing how the Employee Retirement Income Security Act of 1974 - also called ERISA - protects workers in these circumstances can alleviate many of those concerns. However, it is not unusual for problems to arise and legal help will be necessary. Having a grasp on ERISA when there is a dispute is key.
When a New Jersey resident is disabled and is seeking to exercise their right to ERISA or when trying to get long-term disability benefits from a private insurer, one of the key factors is to show the necessary medical evidence and documentation to prove that the benefits are warranted. Many people are denied benefits simply because they did not have the medical evidence and documentation required or they did not present it in a way that the company deems satisfactory. This is where the importance of having strong legal assistance becomes more pronounced.