how to become an erisa attorney

How to Become an ERISA Attorney To become an Employee Retirement Income Security Act (ERISA) attorney, you must graduate law school and pass the bar to become a practicing lawyer. You assist employees and employers in understanding their retirement benefits and protect their rights by handling legal duties.

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What is the ERISA law?

ERISA is an acronym for the Employee Retirement Income Security Act of 1974. 8 min read Updated November 5, 2020: What Is the ERISA Law? The ERISA Law is the Employee Retirement Income Security Act of 1974.

What are the requirements of ERISA?

For private employee health and welfare and retirement benefit plans, compliance with the Employee Retirement Income Security Act of 1974 (ERISA) is required. Two required e-learning courses will outline the general requirements of ERISA that all plans must follow as well as identify who is a fiduciary to the plan and what this role entails.

Does ERISA require employers to offer benefits?

ERISA doesn't require employers to offer benefits — it just regulates the standards of employers who choose to do so. However, the general rule is that employers are still free to create whatever benefits plan they want. An ERISA-subjected benefits package isn't compliant unless it's given in writing.

What is ERISA and how does it affect you?

ERISA only applies to private employers who offer benefits. Government employers are exempt along with private employers who choose not to offer benefits. Plans are typically run by fiduciaries who are liable for all mismanagement. Privately purchased insurance plans don't apply, as ERISA only affects plans offered by employers.

What is ERISA counsel?

As an ERISA attorney, your responsibilities are to understand how the Employee Retirement Income Security Act (ERISA) impacts benefits for employees and help your clients remain in compliance with ERISA and related laws and regulations.

What type of law is ERISA?

The Employee Retirement Income Security Act of 1974 (ERISA) is a federal law that sets minimum standards for most voluntarily established retirement and health plans in private industry to provide protection for individuals in these plans.

Who is eligible for ERISA?

ERISA applies to private-sector companies that offer pension plans to employees. This includes businesses that: Are structured as partnerships, proprietorships, LLCs, S-corporations and C-corporations. No matter how your employer has structured his or her business, it is covered by ERISA if it is a private entity.

Why did ERISA become law?

The provisions of Title I of ERISA, which are administered by the U.S. Department of Labor, were enacted to address public concern that funds of private pension plans were being mismanaged and abused.

Who is exempt from ERISA?

In general, ERISA does not cover group health plans established or maintained by governmental entities, churches for their employees, or plans which are maintained solely to comply with applicable workers compensation, unemployment, or disability laws.

What are examples of ERISA plans?

Examples of ERISA Health and Retirement Plans Welfare benefit plans, including medical, dental, life insurance, apprenticeship and training, scholarship funds, severance pay, and disability insurance. Pension plans, profit-sharing plans, stock bonus plans, money purchase plans, and 401(k) plans.

What are the benefits of ERISA?

Which benefits does ERISA cover?medical, surgical, or hospital care.benefits for sickness, accident, disability, or death.unemployment benefits.vacation benefits.apprenticeship and training programs.day care centers.scholarship funds.prepaid legal services.More items...

What is the difference between ERISA and non ERISA plans?

non-ERISA includes the employer's involvement. In an ERISA plan, an employer chooses the investment options, controls the deposit and timing of employee contributions and may also provide an employer matching contribution. In a non-ERISA plan, an employer is not involved except in compliance activities.

Does ERISA cover 401k?

ERISA's rules cover most private-sector, employer-sponsored retirement plans, like 401(k)s, pensions, profit-sharing plans and individual retirement accounts (IRAs) offered by employers, such as SEP IRAs and SIMPLE IRAs.

What are the four titles of ERISA?

ERISA contains various provisions intended to protect the rights of plan participants and beneficiaries in employee benefit plans. These protections include requirements relating to reporting and disclosure, participation, vesting, and benefit accrual, as well as plan funding.

What is an ERISA violation?

Under ERISA, anyone who exercises discretionary authority over plan assets or plan management has a fiduciary duty toward the plan's participants. As a result, fiduciaries must run the plan solely for the benefit of its participants, and failure to do so is an ERISA violation.

Who is subject to Title 1 of ERISA?

The provisions of Title I of ERISA cover most private sector employee benefit plans. Such plans are voluntarily established or maintained by an employer, an employee organization, or jointly by one or more such employers and an employee organization.

Where is ERISA codified?

ERISA is codified in various sections of the United States Code. The two most pertinent are: Title 26 (tax) and Title 29 (labor). The following sources provide access to the relevant USC sections.

What government agency regulates retirement plans?

The Employee Benefits Security Administration of the Department of Labor is responsible for administering and enforcing the provisions of Employee Retirement Income Security Act. ERISA covers most private sector pension plans.

What organization runs ERISA quizlet?

What organization runs ERISA? (ERISA is run by the federal Department of Labor's (DOL) Pension and Welfare Benefits Administration.)

What is the purpose of ERISA workplace law quiz?

What is the purpose of ERISA? Regulates health care and pension plans in private companies.

How much does an ERISA attorney charge?

ERISA attorneys in larger cities, for example, may charge as much as $500 to $650 per hour, whereas in smaller metropolitan areas the hourly rate may be in the $285 to $350 range.

What are the situations where an ERISA attorney might assist you?

Other situations in which an ERISA attorney might assist you include when you: believe your retirement benefits were incorrectly calculated; were offered a severance benefit and are not certain if you are forfeiting other important benefits or rights by accepting it; were divorced and have rights to your ex-spouse’s retirement benefits ...

What to do if your ERISA is denied?

Where a benefit claim has been denied, your ERISA attorney may review the plan’s decision, and other relevant records, and draft an appeal letter with supporting evidence arguing that the benefit denial should be overturned and benefits granted or reinstated. If the appeal is unsuccessful, the attorney may bring an action in federal court asking the court to decide if the plan administrator’s decision was “arbitrary and capricious,” and requesting that the benefits be granted and attorney’s fees and costs awarded to the participant.

What is ERISA protection?

Further, ERISA provides many protections for participants and beneficiaries, often in the form of mandatory disclosures and claims procedures that the plan must follow. ERISA also provides participants and beneficiaries with the right to bring a civil suit in federal court and, if successful, the right to attorney’s fees and costs related to the litigation.

How long is McKain Law consultation?

If you have a question related to your employee benefits, contact McKain Law to see if we can assist you. We provide 30-minute and 60-minute initial consultations at a 50% discounted rate.

Does an ERISA attorney review QDRO?

In relation to QDROs, some ERISA attorneys act on behalf of the employer and review the QDRO to ensure it does not violate the terms of the plan. Other attorneys assist divorce attorneys or the ex-spouses in drafting the QDRO and having it qualified. As noted in other articles on this site, there are many steps to the process of obtaining a marital share of your spouse’s retirement benefits via a QDRO.

Does ERISA require an employer to establish a benefit plan?

29 US Code § 1002 - Definitions | US Code . ERISA does not require an employer to establish benefit plans, but once it does, the plan sponsor must follow ERISA’s minimum eligibility, vesting, disclosure, ...

ERISA Law

I work for an office that administers the pension and welfare benefits, so I have some exposure to ERISA law. I'm looking to write the LSAT next year and apply for schools in the fall. My goal--at least for the time being--is to become an ERISA attorney. Per my research, in practice, labor & employment law is different from ERISA law.

Re: ERISA Law

With narrow exceptions (none of which apply here), employers generally don't care much about a law school's specialty offerings/rankings/strengths/etc. If you want BigLaw, you should attend a T13, regardless of whether you're interested in labor & employment, bankruptcy, M&A, commercial litigation, white collar, tax...

Re: ERISA Law

In addition to the above, your experience is already more legit than 99.99% of lawyers who wind up in erisa, so I wouldn't sweat it.

Re: ERISA Law

Little known fact- firms can not find people interested in ERISA, and neither can recruiters. If that’s what you want to practice, you’ll have no problem finding an opening by reaching out to ERISA partners. Georgetown has a great ERISA curriculum for Tax LLMs, not sure if it’s available for JDs