Oct 10 2008
B&K Labor Update – 2008 | Employment Law
Author(s): Blitman & King LLP
What You Need to Know About Pre-Erisa Pension Credit as Boomers Reach Retirement
As many of your members get ready to retire they will face the issue of how their work in the early 70s gets credited toward their pension benefit. This issue has come to be called the pre-ERISA service issue. While ER ISA has specific rules regarding breaks-in-service, accrual, and vesting, these rules do not necessarily apply to work done before 1975 — the effective date of ERISA. But due to recent court decisions, your members who worked before 1975 are entitled to be credited for this service.