Bankruptcy Lawyer Price Utah

bankruptcy attorney price utah

What Happens to an Employee’s Pension If Their Employer Goes Bankrupt?

The Pension Benefit Guaranty Corporation (PBGC) insures pensions. Its maximum annual payment is $54,000 per year for workers aged 65 and older. However, the amount can be reduced or increased depending on the circumstances. In rare instances, an employer may continue its pension plan even after bankruptcy.

ERISA protects pensions

An employee may be concerned that if their employer goes bankrupt, their pension benefits will be in jeopardy. However, ERISA protects pensions in all 50 states, as long as the pension benefits are properly funded and kept separate from the business’s assets. Usually, the funds will be held in a trust or insurance contract, which will protect them from creditors.

The Employee Retirement Income Security Act of 1974 (ERISA) is the Federal law that protects private sector employees who are covered by pension plans. The Act does not require employers to provide pensions, but it does require them to fund such plans. These pensions can be defined benefit plans or defined contribution plans, in which members contribute to a plan and share in investment gains. The latter type of plan is also called a profit-sharing plan. ERISA also preempts state laws that may limit the number of pensions that a private employer can offer its employees.

401(k) contributions are deposited by employers

When you make 401(k) contributions, your employer matches that amount. This is called a “match.” Your employer will deposit the matching amount into your 401(k) account and can match your contribution up to a certain percentage. In many cases, your employer will match up to 4% of your salary. This means that if you earn $50,000, your employer will deposit $2,000 into your account.

Employers should deposit participant contributions on time. If you deposit contributions late, you can be subject to a penalty of 20 percent of the amount not deposited. If you are unable to pay this penalty, you can request the Department of Labor waive it.

If you have any questions, you can get a free consultation with Ascent Law LLC:

Ascent Law LLC:
8833 South Redwood RoadSuite C
West Jordan, UT 84088
(801) 676-5506

When you need a Divorce Lawyer, contact this law firm:

Michael R. Anderson, JD

Ascent Law LLC
8833 S. Redwood Road, Suite C
West Jordan, Utah
84088 United States

Telephone: (801) 676-5506
Ascent Law LLC

4.9 stars – based on 67 reviews

Recent Posts

Real Estate Attorney

Probate Lawyer

Estate Planning Attorney

Child Custody Lawyer

Divorce Lawyer

Business Lawyer

Ascent Law LLC St. George Utah Office

Ascent Law LLC Ogden Utah Office

Directions from Orem Utah to Ascent Law LLC West Jordan Utah

Directions from Holladay Utah to Ascent Law LLC West Jordan Utah

Directions from Vivent Arena Salt Lake City Utah to Ascent Law LLC West Jordan Utah

Price, Utah

From Wikipedia, the free encyclopedia

Jump to navigationJump to search

Price, Utah
Location in Carbon County and the state of Utah

Location in Carbon County and the state of Utah
Location of Utah in the United States

Location of Utah in the United States
Coordinates: 39°36′0″N 110°48′24″WCoordinates39°36′0″N 110°48′24″W
Country United States
State Utah
County Carbon
Settled 1879
Founded by Caleb Baldwin Rhoades
Named for Bishop William Price

 • Total 5.04 sq mi (13.04 km2)
 • Land 5.04 sq mi (13.04 km2)
 • Water 0.00 sq mi (0.00 km2)

5,627 ft (1,715 m)

 • Total 8,715
 • Estimate 

 • Density 1,654.82/sq mi (638.88/km2)
Time zone UTC-7 (Mountain (MST))
 • Summer (DST) UTC-6 (MDT)
ZIP code
Area code 435
FIPS code 49-62030[4]
GNIS feature ID 2411491[2]

Price is a city in the U.S. state of Utah and the county seat of Carbon County.[5] The city is home to Utah State University Eastern, as well as the USU Eastern Prehistoric Museum. Price is located within short distances of both Nine Mile Canyon and the Manti-La Sal National Forest.

The population was 8,715 at the 2010 census,[6] making it the largest city in Carbon County.[5]

No data matched by id...
No data matched by id...
No data matched by id...
No data matched by id...
No data matched by id...
No data matched by id...
No data matched by id...
No data matched by id...

Comments are closed.