I left my previous employer in Oct. 08 and at that time I was told my profit sharing plan would payout in 2010. Upon calling them in 2010 I was then told I could have my money until 2012 and they would not put it in writing or give me an exact date. I need the money now and I want to know if I have any legal rights. Any help is appreciated.
You may be getting the run around here. Demand in writing a copy of the summary plan description (SPD), a statement of your current account balance, a copy of the profit sharing plan. In addition, you need to retain an ERISA/employee benefits attorney to get to the bottom of this and to let them know you mean business. Do not wait another day, since if any fraud or hanky pancky is going on your benefits may be in jeopardy.
Hope this helps. If you think this post was helpful, please check the thumbs up (helpful) tab below. Thanks.
Mr. Fromm is licensed to practice law in PA with offices in Philadelphia and Montgomery Counties in the state of Pennsylvania. He can be reached at 215-735-2336 or at the email address listed below.
Mr. Fromm is ethically required to state that the response herein is not legal advice and does not create an attorney/ client relationship. Also, there are no recognized legal specialties under Pennsylvania law. Any references to a trust, estate or tax lawyer refer only to the fact that Mr. Fromm limits his practice to these areas of the law. These responses are only in the form of legal education and are intended to only provide general information about the matter within the question. Oftentimes the question does not include significant and important facts and timelines that if known could significantly change the reply or make such reply unsuitable. Mr. Fromm strongly advises the questioner to confer with an attorney in their state in order to ensure proper advice is received.
By using this site you understand and agree that there is no attorney client relationship or confidentiality between you and the attorney responding. This site should not be used as a substitute for competent legal advice from a licensed attorney that practices in the subject area in your jurisdiction, who is familiar with your specific facts and all of the circumstances and with whom you have an attorney client relationship. The law changes frequently and varies from jurisdiction to jurisdiction. The information and materials provided are general in nature, and may not apply to a specific factual or legal circumstance described in the question or omitted from the question.
Circular 230 Disclaimer - Any information in this comment may not be used to eliminate or reduce penalties by the IRS or any other governmental agency.
1 found this helpful