PROOF LIPS APPOINTED US BASED ASSESSOR HARVEY WATT & CO IS NON REGULATED.
On June 30 2016, fourteen weeks after submitting my full medical records to Harvey Watt & Co the US based case assessor used by LIPS /API I enquired as to when they anticipated completing the review of my case, and asked a Senior Claims Consultant at Harvey Watt & Co as to whether they are a regulated company. I received the following reply.
Good Day Mr ***
The answer to your question regarding your pending case, no we are not bound by ERISA.
To that end, I anticipate completion of our medical review for your case by next week.
If you have questions please let me know.
Thank you
****
____________________________________________________________ __
NB: My previous employer received my full medical record at the same time as the LIPS/API appointed US based assessor Harvey Watt & Co and settled my loss of license claim in six weeks. Twenty three weeks later and LIPS /API have yet to settle my Loss of license claim and I have yet to receive a cent from them.
Since my last full salary cheque in April 2016 I have been living directly off my savings.
BREAKING DOWN 'Employee Retirement Income Security Act - ERISA'
ERISA also sets minimum standards for participation, vesting, benefit accrual and funding. The law defines how long a person may be required to work before becoming eligible to participate in a plan, to accumulate benefits and to have a nonforfeitable right to those benefits. It also establishes detailed funding rules that require plan sponsors to provide adequate funding for the plan.
ERISA and Accountability
ERISA requires accountability of plan fiduciaries, and generally defines a fiduciary as anyone who exercises discretionary authority or control over a plan's management or assets, including anyone who provides investment advice to the plan. Fiduciaries who do not follow the principles of conduct may be held responsible for restoring losses to the plan. ERISA also addresses fiduciary provisions and bans the misuse of assets through these provisions.
ERISA and Participant Protection
In addition to insisting participants are informed, ERISA also gives participants the right to sue for benefits and breaches of fiduciary duty. To ensure participants do not lose their retirement contributions if a defined plan is terminated, ERISA guarantees payment of certain benefits through a federally chartered corporation, known as the Pension Benefit Guaranty Corporation.
Read more: Employee Retirement Income Security Act (ERISA) Definition | Investopedia
Employee Retirement Income Security Act (ERISA) Definition | Investopedia
Follow us: Investopedia on Facebook