Profit Sharing

[Vicki Reich]

State of Iowa. I was told after I had quit my job that any profit sharing I had was now the property of the company because I no longer worked there.
My question is can they refuse to pay me my profit sharing?

 

[Beth3]

That depends. Saying an employer has "profit sharing" covers a WHOLE lot of different territory, so let's try and narrow it down.

Was the profit sharing distributed periodically as taxable income to each employee or was the money deferred into all the employees' 401(k) or similiar tax-deferred retirement accounts?

 

[pattytx]

And did you contribute to this plan, or was it employer contributions only. Do you have a copy of the Summary Plan Document?