Orange County Employment Lawyers Blog
Long gone are the days when most employees will be able to work for 20 or 25 years with the same employer or government agency and collect a pension when they finally decide to retire. Even when retirement benefits are offered, they often require employees to contribute to the plans with deductions from their paychecks, and then the money is placed in a mutual fund or IRA administered through a management agency that has entered into a contract with an employer. If the employee leaves the job, any money that has vested must be removed from the policy with a tax penalty or kept in the plan at the cost of the worker, as the company will no longer pay the administrative costs.
According to a recent news article from the Los Angeles Times, President Barack Obama has given his support to an effort in California to give more retirement benefits to employees working in the state. Continue Reading ›