You may be thinking about starting a retirement account through work in Texas, but do you know if it’s protected? Fortunately, the answer is simple. ERISA, also known as the Employee Retirement Income Security Act, has been in effect since the year 1974. Its purpose is to regulate the pension plans of employees and to help regulate certain other benefits.
You learned in the first part of this two-part blog that ERISA helps protect your retirement funds, allowing you to know that your money is secure. Your funds aren’t the only thing protected though; any asset you add to retirement plans via your company can be protected at the federal level through ERISA.
ERISA is very important to workers, and it was enacted due to the lack of oversight to protect your retirement and benefits as a worker in the past. Now, you can turn to the ERISA laws to determine when you can seek benefits and have a right to the benefits without having to forfeit them or their services.
If you’ve placed money into a retirement account and later found that it was misused or lost, then you could have a case under ERISA. ERISA also sets the minimum standards for your pension plan, so if your employer isn’t meeting those standards, you may be able to seek compensation through the state or federal courts.
If you have questions about ERISA and what it does for you, or if you think your employer may be stealing from or falsifying retirement accounts, please visit our ERISA webpage. You have a right to seek the protection provided by law, and your retirement shouldn’t suffer from negligence or abuse.