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  1. #1
    Join Date
    Nov 2011
    Posts
    2

    Default Problem with Profit Sharing Plan

    My question involves employment and labor law for the state of: New Jersey
    Our small company had terminated our profit sharing plan on 6/31/11. We still did't get our paperwork, every time we ask, we're told "They're working on it". Although employee who left company were paid very promptly. We were never given idea about how much our balances are, so nobody knows even approximate amount he's supposed to get. There seem to be something very wrong with the way it's being handled. We can't keep waiting forever. What can we do?

  2. #2
    Join Date
    Jun 2006
    Location
    Massachusetts
    Posts
    24,046

    Default Re: Problem with Profit Sharing Plan

    Keep waiting. There is no law that dictates how long they have to pay out any profits or provide paperwork.

    You are free to show the original agreement to an attorney to see if there are any contractual guarantees on time frames, but that's about it.

  3. #3
    Join Date
    Nov 2011
    Posts
    2

    Default Re: Problem with Profit Sharing Plan

    What kind of attorney we should see? Can state labor dept. or something like this help?

  4. #4
    Join Date
    Jun 2006
    Location
    Massachusetts
    Posts
    24,046

    Default Re: Problem with Profit Sharing Plan

    Quite unlikely that this would fall under the purview of the state dol. Show it to a contracts or an employment law attorney. Do not get your hopes up.

    BTW, unless you have been involved in closing down a plan of this kind, do not assume that there is something wrong when you have not received payment five months later. From an HR standpoint, there is QUITE a lot of work to do in the the termination of any kind of deferred-comp plan and from where I sit, the time limit is not outrageous. Or even unexpected.

    I understand that it looks very different to those people who do not do this sort of thing for a living. But be glad it's only a profit sharing plan and not a 401k plan - that would be even more complicated and take even longer.

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