Benefits and pension arrangements are part of both the hiring process as well the retirement or termination process. The laws of the state of New Mexico regulate how employers may distribute health and retirement plans; beneficiaries and recipients of such plans may file their claims under such laws.
In addition, the employer in Farmington is required to make sure the employee receives any benefits that were guaranteed in a contract when the employee started their work. Sometimes benefits are paid directly by the employer, while other instances of benefits require voluntary contributions from the worker. Also note that there can be a required minimum amount of time spent working for the employer in order for the employee to receive benefits.
What Employee Benefits are Protected by New Mexico law?
Those employers who provide medical plans for employees owe particular legal duties under New Mexico law to those they cover. They must disclose important information about the health plans, and employees are entitled to a fair process in the treatment of their claims under the plan. Some laws also permit employees who lost their jobs to continue receiving the health coverage they had with their prior employer while they seek new employment.
Employers in the city of Farmington also owe their employees legal duties with regard to pension plans. First, the law requires that they provide any benefits that were promised to their employee in any given benefit agreement. Furthermore, it is the employer who must bear the risk of any investments that are made on behalf of an employee under a matched contribution plan.
How can a Farmington, New Mexico Pension and Benefits Attorney Help?
Farmington, New Mexico lawyers can assist an employer in creating a pension plan that complies with applicable laws. Attorneys also often help employees when difficulties arise with obtaining the benefits under a plan.