Profit Sharing Disbursement

[Echo9]

What is the name of your state (only U.S. law)? Michigan

I was terrminated over a year ago. My Profit Sharing Plan calls for one (1) year waiting before cashing out. I recently put in a request to cash out my Profit Sharing and was mailed distribution forms. I completed all forms and sent them back electing to take a lump sum. My past employer recently learned that I am working for an adversary firm and is NOT happy. I know that they have received the check in my name and are now sitting on it. My question is.... How long can they hold my check for?

 

[cbg]

This is not a question addressed by law. What does the profit sharing plan document say?

 

[Echo9]

The Plan states that the disbursement be made and the appropriate taxes be withheld. I have called the investment firm and they state that both checks (mine and the state's) have been mailed back to my previous employer on June 15, 2010, and they were to forward mine to me and the State's to Lansing. I know that he is delaying mailing it and was wondering if the Plan Administrator (Him) has the right to hold the issued check and for how long. I would suspect that if not cashed in the alloted time the check will eventually expire. Like maybe 90 or 180 days.

 

[cbg]

There is no law that says he has x number of days to send the check. This is simply not a matter addressed by law.

 

[Echo9]

Thank you.... Was also curious if there was a way that he could NOT have to pay me out (like some kind of loop hole he may be looking for) There have been other past employees that have cashed out their profit sharing and received their check timely and in light of my current employer I have a feeling he may try to find one. Thanks for your replies....

 

[cbg]

There is no possible way I can answer that question since I have not read your profit sharing plan document.