What is the name of your state (only U.S. law)? Kentucky
I returned from a major international Corporation last year after 33 years of service. I really didn't intend on retiring but became disabled several years ago and ended up on long-term disability during which time my seniority continue to accrue. My benefits also continued for a period of 5 years, the LTD payments would continue until I was age 65 but I decided to retire because I would end up with more money because under the retirement plan insurance for my wife and I is covered by the company and I would have had to begin paying for it out-of-pocket otherwise.
There was a major discrepancy between my calculation of the retirement benefit and their calculation of the retirement benefit due to the fact that they were wrongly calling my retirement and early retirement (I was age 58) and the plan clearly states that if you are retiring after age 55 and are permanently disabled the calculations will be done as if you are retiring at your normal retirement age.
Since this is an ERISA matter it has to be pursued in federal courts which require me to have the services of a lawyer. I don't understand why since this is such a cut and dry issue I need to give 33% of my retirement benefits to a lawyer to pursue the case for me. ERISA only allows recovery of the actual loss, nothing additional can be sued for so I am going to be out about $5000/yr!
Why does our legal system mandate that people who are wronged have to lose a significant portion of anything they recover to a lawyer instead of allowing them to pursue the recovery themselves in the court system? I'm an engineer and have an MBA so is not exactly as if I'm dumb and couldn't do it. I probably would end up doing a better job than a lawyer because I have a bigger vested interest in the outcome.
I returned from a major international Corporation last year after 33 years of service. I really didn't intend on retiring but became disabled several years ago and ended up on long-term disability during which time my seniority continue to accrue. My benefits also continued for a period of 5 years, the LTD payments would continue until I was age 65 but I decided to retire because I would end up with more money because under the retirement plan insurance for my wife and I is covered by the company and I would have had to begin paying for it out-of-pocket otherwise.
There was a major discrepancy between my calculation of the retirement benefit and their calculation of the retirement benefit due to the fact that they were wrongly calling my retirement and early retirement (I was age 58) and the plan clearly states that if you are retiring after age 55 and are permanently disabled the calculations will be done as if you are retiring at your normal retirement age.
Since this is an ERISA matter it has to be pursued in federal courts which require me to have the services of a lawyer. I don't understand why since this is such a cut and dry issue I need to give 33% of my retirement benefits to a lawyer to pursue the case for me. ERISA only allows recovery of the actual loss, nothing additional can be sued for so I am going to be out about $5000/yr!
Why does our legal system mandate that people who are wronged have to lose a significant portion of anything they recover to a lawyer instead of allowing them to pursue the recovery themselves in the court system? I'm an engineer and have an MBA so is not exactly as if I'm dumb and couldn't do it. I probably would end up doing a better job than a lawyer because I have a bigger vested interest in the outcome.