Pensions & Health Insurance
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If an employer declares bankruptcy, it will generally take one of two forms: reorganization under Chapter 11 of the Bankruptcy Code, or liquidation under Chapter 7. A Chapter 11 (reorganization) usually means that the company continues in business under the court’s protection while attempting to reorganize its financial affairs. A Chapter 11 bankruptcy may or may not affect your retirement or health plan. In some cases, plans continue to exist throughout the reorganization process. In a Chapter 7 bankruptcy, the company liquidates its assets to pay its creditors and ceases to exist. Therefore, it is likely your retirement and health plans will be terminated. When your employer files for bankruptcy you should contact the administrator of each plan or your union representative (if you are represented by a union) to request an explanation of the status of your plan or benefits.
Information about the retirement system for state employees.
What if your health care coverage ends because you lose your job, have your hours reduced, or get laid off? You may have rights to certain health and retirement benefit protections even if you lose your job.
Have a question about your retirement plan? Not sure where to turn for help? PensionHelp America can connect you with counseling projects, government agencies, and legal service providers that offer free information and assistance. By leading you through a series of questions, PensionHelp America will put you on the path to getting the help you need.
The ESBA website provides quick information about federal laws that cover private sector employee benefit plans. Questions and answers on issues such as: lost or stolen pension or other retirement benefits, denied health and disability benefits, COBRA, Association Health Plans, plan administration and compliance.
Under The Employee Retirement Income Security Act (ERISA), workers and their families are entitled to receive a Summary Plan Description (SPD). The SPD is the primary document that gives information about the plan, what benefits are available under the plan, the rights of participant and beneficiaries under the plan, and how the plan works.