|
|
|
||
|
||||
|
||||
ServicesSenator Lieberman's Constituent Service Center offers help in the following areas:
|
Pensions
Senator Lieberman's Constituent Service Center regularly receives the following questions regarding pensions. If your question is not answered here, please send an email so that his staff may address your concern.
ERISA is the Employee Retirement Income Security Act of 1974. It is a federal law that sets minimum standards for retirement plans in private industry. ERISA does not require any employer to establish a retirement plan, but it does establish minimum standards that must be met for employers who do offer a benefit. The provisions in ERISA are effective for all plan years beginning on or after January 1, 1975. For more information about ERISA and information on your rights as a participant in a retirement plan that is governed by ERISA, please visit the U.S. Department of Labor’s consumer information page for retirement benefits at http://www.dol.gov/ebsa/publications/wyskapr.html . A defined benefit plan promises you a specified monthly benefit at retirement. The plan may state this promised benefit as an exact dollar amount, such as $100 per month at retirement. Or, more commonly, it may calculate a benefit through a plan formula that considers such factors as salary and years of service. A defined contribution plan, on the other hand, does not promise you a specific amount of benefits at retirement. In these plans, you or your employer (or both) contribute to your individual account under the plan, sometimes at a set rate, such as 5 percent of your earnings annually. These contributions generally are invested on your behalf. You will ultimately receive the balance in your account, which is based on contributions plus or minus investment gains or losses. The value of your account will fluctuate due to changes in the value of your investments. Examples of defined contribution plans include 401(k) plans, 403(b) plans, employee stock ownership plans and profit-sharing plans. A cash balance plan is a defined benefit plan that has the characteristics of a defined contribution plan. Each year a participant’s account is credited with a pay credit and an interest credit. The pay credit is dependent upon the participant’s compensation. The growth of the account depends on pay credits that the employer contributes, not on profit sharing. A cash balance plan offers more portability than traditional pension plans since you can take your vested account as a lump sum whenever you terminate employment and it will not be reduced because of your age. For more information on defined benefit and defined contribution plans, please visit the U.S. Department of Labor’s consumer information page for retirement benefits at http://www.dol.gov/ebsa/publications/wyskapr.html. For additional information of cash balance pension plans, please go to http://www.dol.gov/ebsa/publications/cb_pension_plans.html. For technical assistance and complaints, you should call the U.S. Department of Labor’s Employee Benefits Security Administration (ESBA) toll free number at (866) 444-EBSA (3272). You may also contact the regional ESBA office in Boston, Massachusetts at: ESBA Boston Regional Office J.F.K. Building, Room 575 Boston, MA 02203 Tel. (617) 565-9600 Fax (617) 565-9666 Before requesting assistance from Senator Lieberman, it is important that you try to resolve the matter by working with your plan’s administrator. ERISA requires all plans to have a reasonable written procedure for processing your claim for benefits and for appealing if your claim is denied. It is also important that you fully understand what benefits you are entitled to under your plan. This information and other very important information about your plan can be found in your plan’s summary plan description (SPD). Your plan administrator is legally obligated to provide you with the SPD at no charge when you enroll in the plan. If your plan is changed at any time, you must be immediately informed of these changes through the issuance of a revised SPD or in a separate document called a summary of material modifications. If you have worked through your plan administrator and still feel that your benefits have been denied in error, you may contact Senator Lieberman’s office to request assistance. As pension issues concern critical financial information, the Constituent Service Center requires a signed Privacy Act Release form in order to pursue your case. In addition to this form, please include a plain language letter that provides the Constituent Service Center with the following information: Additionally, copies of any correspondence between you and any agency or individual involved will be critical to providing the fastest possible service. Please mail this information to: Constituent Service Center A staff member will contact you as soon as possible if additional material or information is required.
|
Flags
Internships
Nominations
Learning
Visiting
|
