What is the name of your state? Ohio
I work for a 100% ESOP company. We recently had changes made to our ESOP plan that changed the retirement age from 50 to 59-1/2. Previously if you left after 7 years vesting and age 50, you got your money immediately. Now if you leave before 59-1/2, your money stays in the plan, and it's value changes with the stock valuation, which has gone down for the past 2 years and is anticipated to go down substantially (30% or more) for this year. There was no "grandfathering" for any of us that were already over 50 and had 7 years. So my nest egg will potentially be zero when I can retire in 6 and a half year.
The biggest question I have is notification of changes. We were all notified by an email that went out from the CEO on a Friday, after 5:00 PM, and the changes were effective the next day. This did not allow any of us to consider the consequences, they were a "done deal" when we came in on the following Monday.
Are they within their rights to 1) make these changes and 2) inform us this way, no opportunity to leave with our money before the changes take place? Should we get an attorney and pursue a class action lawsuit?
thanks for your response.What is the name of your state?
I work for a 100% ESOP company. We recently had changes made to our ESOP plan that changed the retirement age from 50 to 59-1/2. Previously if you left after 7 years vesting and age 50, you got your money immediately. Now if you leave before 59-1/2, your money stays in the plan, and it's value changes with the stock valuation, which has gone down for the past 2 years and is anticipated to go down substantially (30% or more) for this year. There was no "grandfathering" for any of us that were already over 50 and had 7 years. So my nest egg will potentially be zero when I can retire in 6 and a half year.
The biggest question I have is notification of changes. We were all notified by an email that went out from the CEO on a Friday, after 5:00 PM, and the changes were effective the next day. This did not allow any of us to consider the consequences, they were a "done deal" when we came in on the following Monday.
Are they within their rights to 1) make these changes and 2) inform us this way, no opportunity to leave with our money before the changes take place? Should we get an attorney and pursue a class action lawsuit?
thanks for your response.What is the name of your state?