Here in Milwaukee, and throughout the country, employees may have certain rights to long-term disability compensation. Long-term disability insurance coverage is meant to protect workers if they become disabled before retiring. Sometimes, this type of insurance is purchased directly from an insurance company, but in other cases it is a part of a standard benefits package offered by an employer.
Most baby boomers will not have the retirement their parents had. To borrow a term from the headlines, the 99 percent of us who make an average wage and save an average amount for our "golden years" have watched our savings dwindle with the stock market over the past couple of years. Chances are good that we'll be in the workforce for a few years after our official retirement age.
When the recession hit and the stock market plummeted, more than a few workers watched their savings disappear. Hard-earned retirement funds dropped in value by as much as half. For younger workers, the result was a change in investment strategy. For older workers, though, the result was a change in retirement plans: They would stay in their jobs for as long as possible if only to maintain their benefits.
Recently, a federal court ruled in favor of awarding an employee long-term disability benefits, but the insurance company that provided the long-term disability policy plans to appeal the federal district court's ruling. The federal district court judge that heard the initial case found that the insurance company had failed to consider the Social Security Administration disability decision in favor of the employee when the company failed to award the employee long-term disability benefits.