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wallstreetfighter
wallstreetfighter, Employment Lawyer
Category: Employment Law
Satisfied Customers: 15991
Experience:  14 years exp, General counsel for National Corp. firms, Hostos College instructor, Represented employees in discrimination lawsuits
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I retired from the State of NJ in 2011. Due to a number of

Resolved Question:

I retired from the State of NJ in 2011. Due to a number of salary adjustments during my three year employment, the State of NJ has arrived at a pension amount per year approx. $2,000. less than I am entitled to. I spent several months after I first retired trying to straighten this out. Also got the assistance of the school district from which I retired who backed my assertion. The State has refused to adjust my pension to the correct amount stating that it would be audited soon and be adjusted accordingly. It is two years since I retired and it is still not adjusted to the correct amount. How can I get help with this. I have all the documentation to prove my claim including signed contracts and contract agreements. Thank you.
Submitted: 1 year ago.
Category: Employment Law
Expert:  wallstreetfighter replied 1 year ago.

wallstreetfighter :

Hello I am a licensed attorney here to help you with your question, please review my response and do not hesitate to ask for clarification

wallstreetfighter :

This is an unfortunate matter, at this point you can hire a benefits attorney in NJ to bring a lawsuit for the pension amount owed to you, or file an ERISSA violation, and have the Federal government investigate the matter,

wallstreetfighter :

The Employee Retirement Income Security Act of 1974 (ERISA) is a federal law that sets minimum standards for retirement and health benefit plans in private industry. ERISA does not require any employer to establish a plan. It only requires that those who establish plans must meet certain minimum standards.


ERISA covers retirement, health and other welfare benefit plans (e.g., life, disability and apprenticeship plans). Among other things, ERISA provides that those individuals who manage plans (and other fiduciaries) must meet certain standards of conduct. The law also contains detailed provisions for reporting to the government and disclosure to participants. There also are provisions aimed at assuring that plan funds are protected and that participants who qualify receive their benefits.

wallstreetfighter :

DOL CONTACTS*



 


 



  • For questions on other DOL laws,
    please call DOL's Toll-Free Help Line at 1-866-4-USA-DOL (1-866-487-2365). Live assistance is available in English and Spanish, Monday through Friday from 8:00 a.m. to 8:00 p.m. Eastern Time. Additional service is available in more than 140 languages through a translation service.
    Tel: 1-866-4-USA-DOL (1-866-487-2365)
    TTY

wallstreetfighter :

You can contact the agency to conduct a full investigation of the matter, and the State will have to comply,

Expert:  wallstreetfighter replied 1 year ago.
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Customer: replied 1 year ago.


Please explain how this agency protects an individual when involved with State benefits for public employees. Your explanation is incomplete. You speak about minimum benefits from private employers which is not the issue here. My pension is to be an average of my last three years of service and the State is arguing, despite proof from my employer that I made the salaries certified by the business administrator of my school district who paid the wages. In addition, contracts and negotiated contracts were supplied to support the claim. Your answer is very general and does not appear to me to pertain to public employees. I certainly do not feel this response provides any answers or direction and at this point am not willing to rate this response as satisfactory, nor am I willing to pay for it. Please provide a specific response as to how to follow up with NJ public service individuals who are not receiving the pension to which they are entitled via negotiated settlements. Thank you.

Expert:  wallstreetfighter replied 1 year ago.
http://www.washingtonpost.com/wp-dyn/content/article/2010/08/18/AR2010081806792.html

the Securities and Exchange Commission says it sued New Jersey for "securities fraud for misrepresenting and failing to disclose to investors in billions of dollars worth of municipal bond offerings that it was underfunding the state's two largest pension plans." The problem: NJ allegedly sold over $26 billion of municipal bonds, but the offering plans "created the false impression that the Teachers' Pension and Annuity Fund (TPAF) and the Public Employees' Retirement System (PERS) were being adequately funded, masking the fact that New Jersey was unable to make contributions to TPAF and PERS without raising taxes, cutting other services or otherwise affecting its budget."


You can look at the article above which shows the SEC going after NJ State Teacher Pensions, for fraud. In terms of litigating this type of matter, a Federal complaint would be helpful, if fraud is involved, the SEC may take the case, or they may try to force more disclosure, it would be worth the effort.

Since this is a State Pension issue, the State AG would not want to be involved, and you may have to resort to a personal civil suit by hiring a pension attorney. If you were part of a Union they can bring a suit as well on your and other members behalf.

wallstreetfighter, Employment Lawyer
Category: Employment Law
Satisfied Customers: 15991
Experience: 14 years exp, General counsel for National Corp. firms, Hostos College instructor, Represented employees in discrimination lawsuits
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