Federal law protects the retirement income of private sector employees. The Employee Retirement Income Security Act (“ERISA”) was designed to insure that retirement plan administrators and others live up to their fiduciary duties, communicate honestly with plan participants, and deliver the benefits that were promised. ERISA plans include traditional defined benefit pension plans, 401(k) plans, employee stock ownership plans (“ESOPs”), as well as health and other employee benefit plans.
ERISA requires that those involved in the management and control of private pension plan assets, including the employer or designated corporate officers, act in the best interest of the employees covered by the plan and their beneficiaries.
SRKW’s ERISA practice encompasses traditional pension plans and ESOPs, but also expands on its securities litigation practice to protect the rights of employees who are injured when their employer-sponsored 401(k) retirement plan purchases overvalued stock of the employer. SRKW seeks to hold the plan fiduciaries and other responsible parties accountable for benefit losses due to mandatory or voluntary investments in company stock by plan participants. Employees may have claims under ERISA that provide substantial additional benefits to those contained in the applicable securities regulations.