Fort Worth pension lawyers help clients resolve pension issues with their employers or former employers. Pensions are complicated retirement plans that rely on complex formulas to determine benefits. The laws governing pensions and other retirement plans are also complex. When employers fail to pay pension benefits accrued under the plan rules you can lose retirement benefits. That can be dangerous to a retiree. If your employer refuses to pay benefits accrued under a pension plan then contact a Fort Worth pension lawyer right away.
Pension benefits in Fort Worth, Texas
Pension benefits typically accrue under one or more defined benefit formulas. These formulas often pay a percentage of your pre-retirement income as a pension benefit. Many modern pension plans use cash balance formulas which accrue benefits based on pay and income credits. Pension plans often pay benefits to retirees as a monthly payments for life. Many plans now offer lump sum payments and term specific payments.
These plans are expensive to fund and manage so employers sometimes do not want to pay benefits accrued or fail to properly manage the plan. Private pension plans are often ERISA plans. Public plans may fall under Texas law, a municipal ordinance, federal civil or military service regulations. Some private plans are not ERISA plans and find governance under other laws. Fort Worth pension lawyers understand the differences between these laws and how they affect your benefits.
Failure to properly manage a pension plan and pay accrued benefits can create claims against the employer (or other plan sponsor). Damages under these plans may include payment of lost or unpaid benefits, punitive damages, out of pocket expenses, attorney’s fees and others. If you believe you have not received pension benefits due to you then contact a Fort Worth pension attorney right away.
Contact Fort Worth pension lawyers
Delaying contacting Fort Worth pension lawyers can result in making it harder to collect what the plan owes and financial hardship. Do not wait to contact a pension lawyer in Fort Worth about your concerns.