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ERISA and ACA: Employee Benefits After Job Loss

    ERISA Protects People That Had Employment Retirement Plans Upon Being Terminated, Resigned, or Were Already Retired from The Company

    Employer Rules When Managing Retirement Plans

    ERISA is federal law and stands for the Employee Retirement Income Security Act. ERISA provides rules for those responsible for managing and overseeing your retirement plan.

    ERISA provides minimum standards for employee benefits and for granting easy access to courts to enforce the terms of the employee benefit programs.

    It also provides you with rights and responsibilities, including specific rights to plan information.

    ERISA health benefits are also insured through the program

    Under labor and employment laws, health benefit plans can also be subject to ERISA’s provisions and are broadly defined as any fund intended to provide “medical, surgical, or hospital care or benefits, or benefits in the event of sickness, accident, disability, death or unemployment.”

    Be advised, however, ERISA only covers health plan benefits if the company you were employed with had an established or company-maintained health program.

    Keep your copies of your benefit plans in a safe place

    If you lose your job, ensure you have a copy of your plan’s current summary plan description (SPD) and benefits statement. If not, request a copy.

    The SPD tells you if and when you can collect your benefits or how to roll over your 401(k) account to a new employer’s plan or to an IRA, assuming your old plan permits you to do so.

    The benefit statements

    The individual benefit statement lets you monitor your account balance and is essential to keeping track of your plan should you retire or lose your job.

    If your retirement savings remain in your former employer’s plan, keep current on any company changes, including address, employer name, or mergers, and give the plan any changes to your contact information.

    When The Plan Is Depleted And Can’t Pay Your Benefits

    Suppose your benefits are in a traditional pension plan, and your plan ends without enough money to pay the promised benefits. In that case, the Pension Benefit Guaranty Corporation will assume responsibility as trustee of the plan and pay benefits up to a maximum guaranteed amount set by law.

    The Affordable Care Act prohibits employers from retaliating against employees for blowing the whistle on them by reporting employer violations of the laws health insurance reforms, found the Affordable Care Act.For more information, visit the Affordable Care Act.  

    Consult With an Employment Lawyer

    Should you have specific questions or require additional information about your legal rights and obligations, we strongly advise you to consult with a verified online Employment and Benefits Lawyer about your issues as soon as possible.

    Affordable Care Act Consumer Protections

    The Affordable Care Act added more consumer protections related to employment-based group health plans. These include:

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