Your Missouri retirement benefits plan is managed by parties known as fiduciaries or plan managers. These entities, either an individual person or an investment firm, have certain duties owed to you as a plan participant to keep your retirement benefits safe for when you need them.
The basic duties of the fiduciaries of your Missouri retirement benefits plan include:
- prudent execution of their duties;
- acting solely in the interest of the plan participants;
- putting the interests of plan participants first;
- following the plan documents (unless doing so would violate ERISA laws);
- paying only reasonable plan expenses; and
- diversifying investments.
Your employer's specific Missouri retirement benefits plan may have additional duties, but these are the basic expectations ERISA laws hold for fiduciaries. Any violations of ERISA laws may prompt investigation of your Missouri retirement benefits plan.
If you question the handling of your Missouri retirement benefits plan, you have the right to request information related to your plan under ERISA laws. The fiduciaries cannot deny you most of these requests, and are also required to provide regular updates on certain aspects of your plan as well.
Remember, your retirement depends on the proper management of your Missouri retirement benefits plan. If things seem questionable regarding your retirement investments, disability benefits, or other employee benefits you should speak to a St. Louis ERISA lawyer.
It's important to understand who is responsible for managing your Missouri retirement benefits plan to know who to question about discrepancies in your investment. A well-managed Missouri retirement benefits plan can be the key to living your golden years in financial security, making it important to have a good handle on it now.
Contacting a St. Louis ERISA Lawyer to Protect Your Rights
If your ERISA-controlled disability benefits, life insurance or accidental death benefits have been unfairly denied, it's important you seek legal guidance from a St. Louis ERISA attorney who understands the intricacies of these very complex cases. The Missouri ERISA attorney team at Bollwerk & Tatlow, LLC fights for Missouri workers. Contact us today - 314-315-8111.