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My Former Employer Will Not Rollover or Disburse My Profit Sharing Funds

My Former Employer Will Not Rollover or Disburse My Profit Sharing Funds

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  #1  
Old 02-12-08, 07:32 AM
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My Former Employer Will Not Rollover or Disburse My Profit Sharing Funds

I left my past employer in November of 2007. I gave them written notice were to roll over my profit sharing funds that were entitled to me. I have inquired several times since I have left as to the status of my request and was told it was being taken care of. I contacted the plan administrator in February and they informed me that no action had been taken yet. I contacted my past employeer (a small family owned company) and was told "that they were busy and they might get around to looking into it in the Spring...and sorry but that the way it is".

How long does a company have to distribute funds after an employee leaves. Do I have any legal recourse. There have only been 2 other employees that have lasted long enough with this company to be vested and receive profit sharing funds..one took 2 years to get them the other had to take them to court.
Thank for your help!
 
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  #2  
Old 02-12-08, 07:52 AM
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I don't know what the legal time frame is but based their past history sounds like a lawyer might be in order. They might also owe you interest on the money.
 
  #3  
Old 02-12-08, 12:15 PM
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Yep, it's time to talk to an attorney.
 
  #4  
Old 02-12-08, 12:44 PM
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Location: USA
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The good news is they have to register the plan with the goverment so it will be difficult for them to cheat you out of your money.

A lot depends on how the plan is set up. I worked for a company in fla that had a profit sharing based retirement plan. While I never understood why, because I quit and wasn't of retirement age, they didn't have to give me the money until 5 yrs after the anniversary date which was the equivalent of 5.5 yrs.

I had them send the check to my bank [IRA] so I wouldn't be liable for any taxes. The check made it to the bank about 2 months after the anniversary date. You need to read the paper work that came with the plan. I don't know who but I'm sure there is a gov't agency that can help you with this.
 
  #5  
Old 02-13-08, 06:20 AM
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A phone call to the nearest state Department of Labor office wouldn't hurt; might save having to bring an attorney in.
 
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