Retirement Accounts Lawsuits
Under Federal law, you can file a lawsuit in a civil court to:
- Recover benefits you are due, and otherwise enforce your rights as described in the retirement plan.
- Get access to plan documents which you have previously requested in writing. If the administrator of your retirement plan 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 on the part of your plan administrator.
- Enjoin any act or practice that violates the terms of the plan or any provision of federal law, such as the reporting and disclosure, participation, vesting, funding, and fiduciary provisions, or to obtain other equitable relief.
- Enforce your right to receive a statement of vested benefits upon termination of employment.
Lawsuits can be filed in federal or state court. The state in which you need to file is not necessarily your home state. We represent clients nationwide and can advise you on the best course of action and the best venue.
Retirement Accounts Vulnerable to Securities Fraud
Retirees also run into trouble from the more common forms of securities 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 retiree’s situation
- Misrepresentation and Nondisclosure regarding investments
Can your employer fire you for asserting your pension rights?
No. The law prohibits employers from promising retirement benefits and then firing or disciplining workers to avoid paying promised benefits. An employer cannot discharge, fine, suspend, expel, discipline, or discriminate against an employee or any employee's beneficiary for the purpose of preventing them from excercising their rights under the retirement plan or under the law.
If you believe you need to take legal action to protect (or recover) your pension or retirement plan, we invite you to contact us for a free case evaluation.
How Consultants Can Retire on Your Pension