Indianapolis Breach of Fiduciary Duty Attorneys
When employees sign pension and health plan contracts with their employers, they are placing a lot of trust in their company and the insurance provider it uses. If something goes wrong with a person’s retirement or health plan, the results for her and her family can be disastrous. Fortunately, the Employee Retirement Income Security Act (ERISA) provides legal protection against misuse of people’s health and retirement plans, also known as breach of fiduciary duty.
What is a Fiduciary?
Generally speaking, a fiduciary is anyone who has been trusted to manage the wealth or property of another person. Under ERISA, this is defined as anyone who has the power to manage or oversee a worker’s health plan. This definition is intentionally vague to make the law easier to enforce. Under ERISA, anyone who makes a decision about who gets health benefits and what they will be paid, including trustees appointed by workers, can qualify as a fiduciary.
What is Breach of Fiduciary Duties?
Fiduciaries have a legal and moral responsibility to observe the terms of pension and health plan contracts, and to work in beneficiaries’ best interests. A breach of duty can involve an unethical action, or the simple failure to take the correct action. For example, failing to inform an employee about his legal options and the terms of his contract can qualify as a breach of duty.
Taking Legal Action
If you or a loved one is facing financial problems after being misled by an employer or trustee, you need to understand your legal options. To discuss the details of your case, contact an experienced Indianapolis ERISA lawyer at the Hankey Law Office by calling (317) 634-8565.