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Piett and Wright Las Vegas Attorneys at Law
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509 South 7th Street Las Vegas, NV 89101 Phone: 1-702-566-1212 Fax: 1-702-566-4833 Toll Free: 866-373-0012 E-mail: This e-mail address is being protected from spam bots, you need JavaScript enabled to view it |
| Pension Claims |
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Pension claims often arise when an employee retires or otherwise becomes eligible to collect and is denied by the pension trust fund. When this happens, it is very difficult to resolve the problem on your own and you will more often than not need the help of an attorney. You can find a detailed explanation of your pension benefits in the “Summary Plan Description” provided by your employer or union representative. It is in your best interest to fully understand this document, so be sure to ask questions and request statements reflecting your individual benefits. Plan administrators are required by law to provide you with this information. Increasingly, pension plans are underfunded, meaning there is not enough money in the fund to pay out the benefits currently promised. This may mean that you cannot collect anything upon reaching retirement age. It is your legal right to know whether your plan is adequately funded. Request a copy of your pension plan’s annual report summary from either your Human Resources Department or your union’s pension benefits office. When you receive this documentation, check the “funding ratio” number. The higher the ratio, the more adequately funded the plan. A ratio below 100% is underfunded; a ratio above 100% is overfunded. If you find that your plan is underfunded, your vested benefits may be protected under the Employee Retirement Income Security Act (ERISA), but in the meantime, you have options. Join with other plan members and demand change; contact your plan administrator and union representatives and question their handling of pension funds. They have a legal obligation to hear and answer your questions, so hold them accountable! |