Federal law allows you to bring a civil action in court to:
- Recover benefits due you and enforce your rights under the retirement plan.
- Get access to plan documents you requested in writing. If your plan administrator does not supply the plan documents within 30 days of your written request, a court could find the plan administrator personally liable for up to $110 per day.
- Clarify your right to future benefits.
- Get appropriate relief from a breach of fiduciary duty.
- Enjoin any act or practice that violates the terms of the plan or any provision federal law, such as the reporting and disclosure, participation, vesting, funding, and fiduciary provisions, or to obtain other equitable relief.
- Enforce the right to receive a statement of vested benefits upon termination of employment.
Suits can be filed in federal or state court. The state you file in is not necessarily the state you live in. We represent clients nationwide and can advise you on the best course of action.Additional Actions Possibly Related to Retirement Accounts
Retirees also run into trouble regarding more garden-variety fraud. These include:
- Churning of accounts (in an attempt to generate commissions for the broker)
- Overconcentration of money in few investments that increase risk
- Unsuitable investments given the retirees’ circumstances
- Misrepresentation and Omissions about investments, especially if those disguise the risk associated with a particular investment
No. The law prohibits employers from promising retirement benefits and then firing or disciplining workers to avoid paying a benefit. An employer cannot discharge, fine, suspend, expel, discipline, or discriminate against an employee or any employee beneficiary for the purpose of interfering with the attainment of any right to which the plan entitles the employee. Also, employers cannot take any of these steps against anyone for exercising their rights under a retirement plan or the law.
If you believe any of this has happened to you, contact us regarding legal action.