Video: Retirees Can Now Get Damages when Cheated Out of Benefits
You’ve worked hard for your employer for years and built up your nest egg by paying into your company’s 401(k) plan, believing this would give you financial security when you retired. Think again. Many companies, using the recession as an excuse, are now reneging on the promises made to employees and cheating them out of their hard-earned benefits.
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Lawyers.com Editor-in-Chief Larry Bodine interviews attorney Tom Moukawsher, an expert on employee benefits law. Moukawsher reports that retirees are now able recover money they are owed if their former employer lied to them or attempts to cheat them out of the benefits they were promised.
He explains that recent court decisions have resulted in reneging businesses being hit with stiff financial penalties, in addition to being forced to pay retirees what they are owed. A judge can also force a company to restructure its benefits plan to conform to what retirees were initially promised.
Moukawsher advises retirees who have been cheated out of benefits to find a lawyer who specializes in ERISA (Employee Retirement Income Security Act) law. An ERISA lawyer can explain your options, protect your interests and help you recover the benefits to which you are legally entitiled.