There is nothing scarier than working your whole life only to retire without the security of knowing that you are financially stable for the remainder of your lifetime. We count on our savings plans such as 401k’s and pension plans, to set us up with a steady income after retirement. Companies today are making it harder than ever to retire comfortably. People who have spent 60 years with a company are having their pension plans and other retirement plans ripped out from under their feet. If you are being treated unfairly in regards to your retirement, contact an ERISA lawyer.
What is a pension plan?
A Pension plan is a retirement plan that your employer contributes a certain amount of money into each month for you. The employee will be eligible to receive the funds upon retirement.
What is a 401K?
A 401K is a retirement account that both you and your employer contributes money into throughout the lifetime of your employment. The amount of money that your employer contributes on a monthly basis is either calculated out in a percentage or is a set amount. Upon retirement, you will receive a monthly check from your savings package.
Combining these two savings plans, if contributed to on a regular basis, will give you an amount that you should be able to live off of for the remainder of your life. Unfortunately nothing is certain, pension plans are disappearing or being unrightfully denied to those who have worked for a company for a lifetime. Some are taken away initially, while others have been receiving the benefits for years and are just now having them revoked.
If you or someone you know has been treated unfairly when it comes to retirement funds, call the ERISA Case Lawyers at The Martin Law Group, LLC! We are located in Tuscaloosa and proudly offer our services to anyone in the state of Alabama or Mississippi. We will fight for you to secure your retirement funds!