PENSIONS AND BENEFITS - Attorneys and the Law
Employees often receive pensions and benefits packages by their employers, unions, or various government entities. Pensions and benefits programs vary depending on the employee, the nature of the benefit, the employer, and relevant benefits law that governs the circumstance. Pensions and benefits can be a critical part of a person's lifestyle during and after their employment, and any person seeking these employee benefits should consult a benefits attorney.
The term pension refers to benefits proportional to an employee's salary provided an employee after they have left their employment. The most common type of pension is a retirement pension for individuals who have met the company requirements for retirement. Another common type of pension is disability pay for individuals whose disability prevents them from working. Pensions laws in the United States provide some federal or state pension benefits to qualifying individuals through programs such as Social Security. Depending on the employer and relevant pensions law, employees may be required to pay a portion of their salary into their future pension plan. Any employee with questions about their pension plan or controlling pensions law should consult an experienced benefits attorney with questions.
Although pensions are considered a benefit, the term "benefits" typically refers to various payments or services provided an employee outside their normal salary. Benefits law exists to make sure employers are properly administering benefits promised. Health care, relocation assistance, dental and vision plans, and any long-term savings plans such as 401(k) packages are considered benefits and the law typically excludes such plans from an employee's income, and therefore they are not taxed. Any employee who feels the benefits they are owed are not being paid should consult a benefits attorney.
Pensions and benefits are typically administered and governed by individual employers rather than any government entity. Certain types of pensions to retired or disable individuals is provided by pensions law, but for the most part the government is not involved unless an employer is unjustly withholding benefits promised. For specific questions about pensions and benefits, contact a benefits attorney.