Do ERISA regulations require all companies to offer a retirement plan? Federal law does not require employers to offer retirement plans to their employees. If employers choose to offer retirement plans, they must follow strict guidelines regarding how the plans are managed, operated, and presented to employees. The Employee Retirement Income Security Act (ERISA) is the law that governs all retirement plans in the United States. → Read More
Employer Medical and Health Coverage of Stepchildren Employer-provided health insurance does not always have to cover step-children, even though policies may generally cover biological and legally adopted children. Employer-provided health insurance only needs to cover those people that it specifically states it will cover, based upon company policy, employer plans, and state laws. When someone pays for “family coverage,” that coverage is necessarily based on a definition of “family” of legal relationships, such as those of blood, marriage, or adoption. If someone does not meet those specific definitions, they may not be covered by insurance, even if they are part of family” by modern —though non-legal —definitions. → Read More
What is cliff vesting? Cliff vesting means an employee becomes 100 percent vested (and entitled to the full amount of promised pension benefits) all at once. When an employer offers graduated vesting, the employee obtains the absolute right to his benefits over time. For instance, an employee might become 20 percent vested after one year; 50 percent vested after two years and 100 percent vested after three years. With cliff vesting, an employee who leaves the company before the designated vesting time will leave with no portion of the employer-provided retirement benefits at all. → Read More
What happens to money you’ve spent toward a deductible on your health plan when your employer changes plans mid year? Your employer changes health insurance plans mid-year, what happens in regards to payments you’ve made against the deductible on the existing plan? → Read More
Is a spouse required to add his wife to his company’s health insurance? There is no law requiring that employees add their families (including spouses) to employer-provided health insurance. Therefore, while you are married, he does not need… → Read More
If my employer incorrectly calculated the medical insurance premiums deducted on my paycheck, do I have to pay the employer back? Yes, you have to pay back your employer for your share of the premiums if they were underpaid for any reason. Insufficient funds were taken… → Read More
Does an employer have to offer the same employee benefits to all of its employees? Does an employer have to offer employees benefits, such as vacations, health plans, pension, etc.? → Read More
What can I do if my employer has not paid my insurance premiums and is now filing for bankruptcy? If you pay health insurance premiums to your company, and the company declares bankruptcy – and so does not actually make the payments to the health insurance company – what happens may depend on the type of bankruptcy filed as well as the specifics of your health plan. In general, however, if your company declares bankruptcy, you will have your health insurance premiums paid or you will get a refund for the money withheld from you. → Read More
What happens to my pension money if leave work and take another job? What happens to my pension money if leave work and take another job? → Read More
Is my former employer responsible for disbursing my profit sharing funds? Unpaid profit sharing money is generally covered under wage and hour laws, which means that there are a number of resources available to you if the money is not paid in a timely manner. One option is to contact the state Department of Employment in the state where you worked. → Read More
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