Profit Sharing

[shellyshell]

North Carolina
I recently requested a disbursment of funds from my profit sharing from a previous employer. They told me "no" due to a new policy that they put into effect in April 2009 that states they will only release funds one time per calendar year in September. I left this company in 2007, and this policy was not in place at that time, nor did they make me aware of this policy. I requested a reconsideration of disbursement because they failed to inform me of the policy, and if I had known of the this requirement, I would have requested the disbursement in time to meet the 2009 deadline. They still denied my request. Is it true that they are able to restrict my access to these funds?

 

[ecmst12]

If that is what the policy says, yes. Get a copy of the policy.

 

[pattytx]

You would be subject to the current rules of the plan, even if those were not the rules at the time you terminated employment. I take it you're vested and eligible to withdraw funds at this time.