Retirement Income and Bad Faith Litigation
Many people work hard during their lives in the hopes of spending their “golden years” in comfort and relaxation. When it comes to retirement funds and pension plans, it is important to make sure that the companies in charge of payments act in good faith at all times and do not fail to provide the payments that are due to the retired individuals. Fortunately, federal law protects the participants and beneficiaries of retirement plans through the Employee Retirement Income Security Act (ERISA).
The ERISA protects persons who participate in private sector retirement plans and helps to make sure that companies and providers act in good faith when distributing payments and responding to claims. Failure to uphold the agreement or act in the correct manner may result in litigation against the company and liability for failure to issue the proper payments. For assistance with a bad-faith litigation claim, contact the Indianapolis pension attorneys of the Hankey Law Office at 317-634-8565.
Bad Faith Litigation
If a person is wrongly denied payment on a claim, he or she may be able to pursue “bad-faith litigation” against the company. Such lawsuits may seek “restitution” for payments owed, and may include punitive damages for failures on the part of the company. Bad faith lawsuits can vary greatly based on the specifics of the case and how the company acted when faced with the individual’s claim.
Companies may face litigation if they wrongly deny a claim, refuse to settle cases, underpay persons on the plan, or use stalling tactics or other methods to avoid issuing payments. Companies may also face litigation for failures to follow outlined agreements or for interpreting the rules of a policy in an unfair manner.
An experienced pension plan attorney may be able to help persons who are struggling to get the proper retirement compensation. For more information on bad-faith litigation, contact the Indianapolis social security disability lawyers of the Charles D. Haney Law Office, P.C. today at 317-634-8565.