Investment Funds Stayed with Employer for 15 Years

[stellapena]

What is the name of your state? Florida

A few weeks ago, I posted a question regarding the above. I contacted a former employer, and have verified that I never received funds from a "voluntary investment plan" which I participated in at the company prior to being terminated. Human Resources is working on it right now, and there was approximately $1600 when I left in 1991. I believe the plan was a profit sharing plan...are they required to pay me back some kind of interest, seeing as they never bothered to return this money to me after all this time? If they are, do you have any notion as to what the rate would be at a minimum?

Thanks.What is the name of your state?

 

[cbg]

Did you at any time apply to have the money returned to you? Or did you expect them to take all the responsibility?

 

[stellapena]

No, I was terminated, and apparently never thought about this money. I just came across a paystub and realized that I was having deductions taken bi-weekly. But they never told me I had any money, either.

 

[Beth3]

I believe the plan was a profit sharing plan...are they required to pay me back some kind of interest, seeing as they never bothered to return this money to me after all this time? If they are, do you have any notion as to what the rate would be at a minimum? What interst you are due, if any, depends entirely on how the money was invested. Your $1,600 could be worth thousands or it could be worth five cents. You need to wait for the HR person to get back to you.

I do find it a bit strange that you never received any sort of statement from the company or investment advisor all those years though. (Did you move and not leave a fowarding address perhaps?)

BTW, it's almost always up to the employee to make the request that profit sharing and other funds be disbursed after the employee leaves his or her employment.

 

[stellapena]

I left under pretty bad terms with my supervisor. Years later, he was "demoted" from his position because I happened to be working for a company in the same building, and his secretary at the time took it upon herself to talk to my supervisor about those events. Anyway, I didn't move until years later, but all I ever received from them was my W-2 after I left the company.