Class Action Lawyer For Public Pensions
Public Pension Claim Lawsuits
At J.J. Conway Law, we understand that retirement planning and the financial security of pension plans are paramount concerns as individuals approach their retirement years. Unfortunately, many retirees, both present and future, lack a comprehensive understanding of their rights when it comes to pensions.
This knowledge gap can have severe financial repercussions, especially in the realm of public pension law. Public employees, including those in governmental or municipal positions, often prioritize the stability of retirement benefits over higher wages in the private sector. However, what happens when mismanagement occurs, jeopardizing these crucial retirement benefits? Consequences may include pension cuts, denial of Cost of Living Adjustments (COLAs), or even substantial losses in defined contribution funds due to excessive fees charged by financial managers.
In such situations, it may be necessary to explore the option of a class action lawsuit. We recognize that navigating through a class action lawsuit can appear intimidating, but rest assured that J.J. Conway Law has the expertise and experience to guide you through this complex process. Our firm has successfully handled similar cases in various states across the United States, allowing us to provide you with comprehensive support and representation.
We are committed to protecting your rights and ensuring that your pension-related concerns are addressed. Contact us today to benefit from our knowledge and advocacy in public pension law, as we work together to secure the financial well-being you deserve in retirement.
Private Versus Public Pensions
What Is a Pension Plan?
Possible Difficulties of Public Pensions
Private Versus Public Pensions
There are two different types of retirement plans: those of the private sector and those for public (or governmental) employees.
Private Pensions
Private pension plans are provided by private employers. These may require a larger contribution by the employee compared with public pensions. Many plans offer a defined contribution plan, like a 401(k), meaning that the money deposited into your retirement account each year changes based on the returns received in the stock and bond markets as well as the size of the deposits. Owing to this factor, most private pensions lack a guaranteed income.
Public Pensions
Public pension plans, meanwhile, come from those working through the federal, state, and local governments, including employees such as firefighters or members of law enforcement.
This pension type involves the use of defined benefit plans or hybrid plans, meaning that the amount on the retirement check arises from a formula based upon the number of years worked as well as the salary while doing so. Unlike private pensions, this method means you are to be guaranteed some form of retirement income.
While they may appear superior to benefits to those of company pensions because they offer early retirement benefits, coverage for a surviving spouse, and medical insurance benefits, there are drawbacks.
What is a Pension Plan?
We understand the significance of pension plans and the promises they hold for employees’ future financial security. Employers commit to providing a specific amount of compensation to their employees after retirement through these pension plans. While each plan is unique to the employer, they generally adhere to common standards. In response to financial constraints, many pension plans now incorporate a shared-risk or hybrid formula, involving contributions from both the employer and the employee.
Typically, pension income is derived from a percentage of your salary during your working years, with employees not directly involved in the management of these funds. Instead, the responsibility lies with trustees and external financial advisors entrusted with managing the plans.
While this relieves employees of some responsibilities, it also introduces the potential for unethical financial practices. When such practices occur, a larger group of individuals becomes victims of the same wrongdoing, whether it involves physical or financial harm. In these situations, an individual or a small group possesses the power to initiate a lawsuit on behalf of the entire group.
At J.J. Conway Law, we recognize the importance of protecting the rights and interests of individuals affected by such misconduct. Our firm specializes in handling cases where pension plan mismanagement or wrongdoing has occurred. We have the expertise to navigate the complexities of class action lawsuits and ensure that justice is served for the collective group. Trust us to provide you with the guidance and representation you need to seek redress for the harm caused and to hold those responsible accountable.
When a larger group of people suffer from the same wrongdoing, whether it be a physical or financial one, one individual or a small group possesses the ability to sue on behalf of the entire group.
Possible Difficulties of Public Pensions
The area of public pension law is emerging. But many issues have been identified including:
- Overcharging for management of defined contribution funds like 403(b) funds
- Trustee mismanagement and overspending on trips and lavish vacations for “seminars”
- Excessive fees charged by hedge funds and private equity fund managers
- Fraud and corruption involving the use of retiree trust funds
When a larger group of people suffer from the same wrongdoing, whether it be a physical or financial one, one individual or a small group possesses the ability to sue on behalf of the entire group.
This is known as a class action lawsuit, and a successful lawsuit results in financial relief not only for the individual but also for the members of the wronged party. Such a lawsuit can be applicable to those struggling with public pension compensation issues.
How can J.J. Conway Law Help?
With nearly 25 years of experience, we know the intricacies of public pensions. That knowledge will help us guide you, so you can receive the benefits that you have earned.
We know that following through with a lawsuit seems daunting but know that you have our full support if we take on your case. We focus on helping families and retirees secure what they have earned, helping to move the law not where it is currently, but where it needs to go. Contact us today for an initial consultation on the phone at 313-961-6525, or through our website.
Contact Us
Please note that by contacting our office you understand that this communication is for informational purposes only. Any legal representation by our office requires a signed written agreement establishing a lawyer-client relationship. Thank you, again, for contacting us.