Pension plan coverage is not as prevalent as it once was. There is no law that requires for companies to offer a pension plan; it is offered by choice. Pension plans do not have to include all employees, but they cannot be discriminatory in any way. The plan administrator for your company’s pension program will be able to confirm if your company offers pension plans and what you must do to become eligible to participate. If you are eligible, your employer is required to provide you with several documents to verify and help you to better understand the terms of the plan. If you feel that you are found not eligible for a pension plan due to discriminatory circumstances, contact the ERISA lawyers of Tuscaloosa. The documents required to be provided to you are listed below:
Summary Plan Description
This document explains how your plan operates. It will disclose the vesting formula reflected in the plan. This document should be given to you within 90 days of the plan being initialized. Your employer is legally obligated to notify you of any changes to your plan immediately.
The annual report is a summary of the yearly accounting of your pension plan finances and operations.
This is a statement of exactly how much your pension plan would pay to your surviving spouse in the event of your untimely death.
If you are leaving the company for any reason, it is very important to request in writing the amount of pension benefits that you have earned for your records. You only have the right to obtain one of these statements a year, so use it wisely.
If you feel as though you have been or are being treated unfairly in regards to your pension plan, contact the ERISA lawyers of Tuscaloosa at The Martin Law Group, LLC for assistance today!