Will I get my vacation/holiday pay

[BarbaraG]

What is the name of your state? CAlifornia, but the company is a corporation in Nevada.
I hear that my company may file bankruptcy, If they do, do I get my acruued vacation pay and what about my 401K?

 

[cbg]

That's not the same question you posted in the other forum, btw. HOLIDAY pay is not the same as VACATION pay in HR parlance.

Your 401k will not be affected. You will, however, be subject to the same laws as ever with regards to what you can do with it and when you can access it. 401ks are protected by Federal law because of their pre-tax status.

With regards to any other benefits, barring a crystal ball no one can say.

 

[BarbaraG]

details

They haven't filed bankruptcy yet that I know.
It was being sold and was going to be "re-structured"
The deal fell through and the old owner is back.
It is known that he doesn't have the money to pay the debt.
I think his only option is Bankruptcy.
I am concerned about money owed to me these last two weeks and my 401k and this vacaation pay.
If I quit my job before they file bankruptcy, would they have to pay me vacation time when I leave?
Also is there a way to find out if there is a bankruptcy in the works?
It is not Not a publicly traded company

 

[cbg]

Since you are in a state where vacation time must be paid at termination, yes, if you quit they would have to pay your vacation time. However, you would not be eligible for unemployment.

No, there is no way for you to find out if there is a bankruptcy in the works before he actually files.

 

[BarbaraG]

discrepencies

I have seen that other people say they have left jobs and have not recieved their last paycheck and vacation pay.
Is that because they don't live in california?
Or is it that they should pay it but won't neccassarily do it.
If I wait for them to file bankruptcy or if my next paycheck is no good, do I get unemployment then? What if they want you to continue to work on faith that the check will be good next monay next friday etc.

 

[cbg]

In EVERY state an employee must be paid for all the time that they actually work. California is not the only state that requires the payout of earned but unused vacation time but less than half the states do.

Barbara, I don't want to be rude but I don't have a crystal ball. I can't tell you what your employer will do or what the unemployment office will decide. I don't know what WILL happen. I can only tell you what the law says.

One thing I can tell you is that if you quit you don't get unemployment. Period. The law doesn't change on that if the paycheck bounces.

 

[BarbaraG]

BTW Thank you

You are my only advice at this time. So thank you verrry much.
And no it's not rude, I know you don't know what's going to happen.
I am panicing because I have a big mortgage to pay and if this pay check bounces, I will have a lot of trouble catching back up. Unemployment isn't going to cover it either so that isn't my main concern.
But my vacation pay would be a nice lump sum to help me pay my bills and give me a cushion to find another job.
But I guess you are saying they can always delay payment if they choose to. Although if I get out before the masses, maybe more chance of getting paid.

 

[cbg]

No, I'm not saying they can delay payment if they choose to. I'm saying you can't get blood out of a turnip and if the money isn't there, the money isn't there.

If they don't pay you your last paycheck or your vacation time you can file a complaint with the state DOL. But they can't force the money out of them if they don't have it, either.