I have already contacted attorney, to no avail, the Company has the own distinction pity (no investment organisation similar to T.R. Price etc.) Private distinction sharing. So I have been patiently watchful how prolonged is this authorised for them to reason funds. According to Co. manners 365 day mangle in service, it has been tighten to 2 yrs now. Help
LOST MY JOB JUNE 08, STILL HAVE NOT RECEIVED MY PROFIT SHARING HOW LONG SHOULD IT TAKE?
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maybe you are not entitled to it – was there some kind of vesting time frame you needed to be there for in order to be eligible for the money? – if it’s a small private company – you night never get it – at least not without a lawyer to help you
My guess is that you did not qualify or you were not ” vested”, and your account was forfeited and shared amongst the remaining plan participants that WERE qualified AND vested….
Most company plans have a minimum of 1000 hours service in any calendar year to qualify as participating for any plan year.
On the converse, many companies have a policy that they will only roll these funds over into a qualified retirement plan, depending on the taking status of your PS plan. Also, they make you wait up to 7 YEARS. and then you can only draw down what are considered EXCESS plan funds…..
Consult the profit sharing plan rules and provisions. It should be addressed there. If you can’t find your copy of that, contact the plan trustee (there has to be one).