There are many employees in Minnesota who are placed in a position of trust, none more so than those who are responsible for taking care of other people's money. Workers who manage pension accounts are subject to the protections of the Employee Retirement Income Security Act of 1974, also known as "ERISA." But, when ERISA violations occur, can whistleblower protections help?
The short answer is "yes," those who report violations of ERISA will be protected by the appropriate whistleblower protection provisions. But, what constitutes an ERISA violation?
According to the Employee Benefits Security Administration, there are several things that could constitute an ERISA violation. First, the failure to operate the plan for the benefit of the plan participants could be a violation. Failing to follow the terms of the plan could be a violation as well. Another violation could be the failure to properly value the assets in the pension plan. If a plan administrator discriminates against a plan participant, that would likely be a violation.
Employees in Minnesota have rights when it comes to pension plans that fall under the protection of ERISA. But, the people who manage these pension accounts have obligations to those employees who are taking part in the pension plans. If violations of ERISA occur in the management and operation of the pension accounts, those who are aware of these violations might feel compelled to report the violations - as they should. Fortunately, those individuals don't have to fret too much about repercussions because they will have whistleblower protections.
Post Type: Q&A