Profit Sharing

[gaskeym]

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

Profit Sharing Plan-I was in a profit sharing plan with an employer I worked for three years ago. I was 100% vested in this plan as I worked for them for 14 years. The plan stipulates you cannot receive distribution of these funds until you are deceased, over 59 1/2 or have been no longer employed for three years as of the plan year which ended 6/30/10. I was no longer employed at this company as of 6/1/07. I returned my paperwork for distribution of my money in June and was told by the person over the profit sharing at the company that she was sending it to the company that distributed the payout and should receive a check within 30 days. I found out today that they are sending me a letter next week that the money may not be payable at that time due to the fact they need to recalculate due to market volatilty?? There is no mention in the plan policy regarding possible withholding the distribution. What are my legal rights in regards to getting this money in a timely matter and not allowing this company to stall my payments any further? Thank you!

 

[pattytx]

They may in fact, need that time. The market has tanked, come back, tanked, come back, etc. in the past three years. I wouldn't get too worried until I heard back from the administrator of the plan.

 

[gaskeym]

They are saying that it is so they wont have to send 2 checks but just one. Can I request that at least one payment be sent at the time they told me it would be and then after they recalculate the remainder can be sent then?

 

[pattytx]

Makes administrative sense, IF the recalculation turns out they owe you more. If the opposite, then they have a problem. I'd try to hang tight for a week or two, see what happens.