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ERISA: A Federal Law for Your Retirement Benefits

Commercial disputes begin when a business firm, which enters into contract with another firm, fails to adhere to the conditions and terms of that contract. Such disputes ought to be resolved fast or those can be causes for a litigation which can ruin your business’ reputation, the effect of which can be loss of clients, assets, and profits in the near future.

Commercial litigation is the legal way of resolving disputes or conflicts that arise between two or more businesses. Area of conflict may revolve around issues concerning ownership / partnership, trade regulations, employment problems, business licensing, civil fraud, environmental concerns, breach of fiduciary duty or relationship involving trustee, interference with business relationships, franchise or shareholder issues, debt collection, Civil RICO (Racketeer Influenced and Corrupt Organization), and ERISA or Employee Retirement Income Security Act.

One specific issue with increasing cases over the past couple of years concerns employee retirement income security, which has been abused by many unscrupulous employers. Several employees applying for their retirement benefits get denied too and then experience much difficulty in following the steps required for reconsideration of their application. This retirement security is covered by Employee Retirement Income Security Act, more familiarly called ERISA. It sets the minimum standards for pension plans, health, retirement, and other benefit plans of employees in private firms and is managed by the Employee Benefits Security Administration (EBSA), one of the many divisions of the U.S. Department of Labor. The Act took effect on September 2, 1974, and was intended to safeguard the interests of employee-benefit plan members and their beneficiaries. ERISA is a federal law that is directed to private employers, who offer employer-sponsored benefits; it is supposed to enable millions of US employees to enjoy the benefits that are rightfully theirs when they retire.

Settling commercial disputes can take years due to the complexity of the case. Though an out-of-court settlement would clearly indicate liability by one party, it would also prove quite beneficial as both parties are given the free chance of reaching a reasonable amount and that the liable party would be saved from the burden of increasing legal fees as well as from being proven to have acted wrongly or negligently.

ERISA cases are usually tried in federal courts, an environment many lawyers are unfamiliar with. Besides this, the case demands special subject matter knowledge and great skills. Not many commercial litigation attorneys can represent and fight for you in commercial litigations, especially in ERISA cases, with great effectivity and efficiency, thus the need to choose your legal representative well. With the best representation comes the greatest chance of meriting the benefits that are rightfully yours upon retirement.