What are Simplified Employee Pension Plans (SEPs)?
Simplified Employee Pension Plans (SEP) – A plan in which the employer makes contributions on a tax-favored basis to individual retirement accounts (IRAs) owned by the employees. If certain conditions are met, the employer is not subject to the reporting and disclosure requirements of most retirement plans. Under a SEP, an IRA is set up by or for an employee to accept the employer’s contributions.
Is it possible to sue under ERISA?
Yes, you have a right to sue your plan and its fiduciaries to enforce or clarify your rights under ERISA and your plan in the following situations:
To appeal a denied claim for benefits after exhausting your plan’s claims review process;
To recover benefits due you;
To clarify your right to future benefits;
To obtain plan documents that you previously requested in writing but did not receive;
To address a breach of a plan fiduciary’s duties; or
To stop the plan from continuing any act or practice that violates the terms of the plan or ERISA.
What do you do if you have a problem?
Sometimes, retirement plan administrators, managers, and others involved with the plan make mistakes. Some examples include:
Your 401(k) or individual account statement is consistently late or comes at irregular intervals;
Your account balance does not appear to be accurate;
Your employer fails to transmit your contribution to the plan on a timely basis;
Your plan administrator does not give or send you a copy of the Summary Plan Description; or
Your benefit is calculated incorrectly.
It is important for you to know that you can follow up on any possible mistakes without fear of retribution. Employers are prohibited by law from firing or disciplining employees to avoid paying a benefit, as a reprisal for exercising any of the rights provided under a plan or Federal retirement law (ERISA), or for giving information or testimony in any inquiry or proceeding related to ERISA.
You should call Mehr Fairbanks & Peterson Trial Lawyers to help you retain your rights and benefits today by calling Toll-Free: 800-249-3731.