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Recent ESOP questions
In May 2014 I quit my job due to my sister dying of cancer.
In May 2014 I quit my job due to my sister dying of cancer. I did not want to quit and tried everything . I requested more day hours to be there for my mom at night Was told NO. Asked to go Part time. Told NO. Ask for FMLA. Told no. I gave a 3 weeks notice and left in the end of May 2014. My sister died July 22, 2014. After her death I tried and tried to get rehired and was told NO. They said it had to do with the ESOP. Do I have a case for a lawsuit?
I was part of an esop program with STS tire and auto in nj.
I was part of an esop program with STS tire and auto in nj. i left the company january 2nd, they have been recently bought out by mavis tire and are ending the esop program. I received a letter in the mail stating i will be 100 percent vested non forfeited. They forfeited 37.679 of my 47.163 shares, this does not seem right to me at all.
I don't know if you can see my previous question, but I was
I don't know if you can see my previous question, but I was wrongfully terminated by my employer. It's also been established that there is no justice for me, since I live in Texas. With that said, I have the following question. The company where this tookplace was 100% employee owned, and I was 100% vested in the ESOP. Since I was wrongfully terminated, is there any way I can force them to waive the two year hold back period? That way I could get an immediate pay out?
DOL is siding with the company regarding an ESOP valuation
DOL is siding with the company regarding an ESOP valuation for a 100% ESOP established in March 2008 without interviewing the previous owners, original fiduciary trustee or valuation firm. DOL is currently expressing valuation was incorrect. In hindsight, any valuation done prior to the greatest economic crisis since the Great Depression that occurred in September 2008 can now be said to be wrong but at the time of transaction given history, the valuation was "correct." What recourse against the DOL findings does one have especially if their findings are tainted by only the company interview? (It actually appears to be collusion). Note for ESOP employees paid nothing for any shares and also retained the. 401-k. Also the company already defaulted on the bank loan which the previous owners put up as cash collateral. So employees were absolutely not disadvantaged! Previous owners also paid taxes in the total transaction amount. Both actions: payment of full taxes and putting up collateral was with full faith the company had a firm foundation and would succeed. Lastly, the company revenue has exceed the valuation every year by several million. What recourse against what is felt to be a DOL " invalid" opinion?
can my employer reduce all the hourly employees pay with reducing
can my employer reduce all the hourly employees pay with reducing the salary employees pay hourly employees work a 45 hour work week these hours are in our employee hand book and have been the hours since the company founded in 1946 I just feel it is unfair in hourly has to to a pay cut I feel that salary should to in hard times
Hi Zachary - I started a job about 2.5 years ago. In the agreedView more employment law questions
Hi Zachary - I started a job about 2.5 years ago. In the agreed offer letter there is a clause stating I will be part of an ESOP. The ESOP was halted prior to me starting, but the letter states it would be re-instituted at a time frame "before the end of 2011". There were no specifics to the amount of stock, but I "will be eligible to receive stock options that will be consistent with your senior level position within the organization and reflective of your level of contribution to the organization's financial growth."During my two years there, the ESOP was never instituted. According do our President, to whom I directly reported, there was a lawsuit against the company that prevented him from offering any stock until the suit was resolved.I had constantly inquired, both verbally an in writing, on the status and the answer was always the same. I also asked for a basic framework of what the plan might look like, such as an approximate amount of shares and basic terms, but he said he wasn't in a position to even provide that kind of information.About 6-8 months ago, I was told that the suit would linger long term, but there was actually unallocated stock that could and would be allocated by Oct 1 of this year.Just prior to Oct 1, the suit was actually settled. This would mean a delay in announcing the allocation to Dec 1 now that there is more stock to allocate. I have heard nothing to date.In late November, for highly debatable and suspicious reasons, I was given a 30 day probation letter. 30 days later, they asked me to resign. If I didn't resign, they would fire me. There reasons were vague. We agreed to some additional compensation past what was due. My last official day is Dec 31.I suspect that stock will be allocated on Jan 1 or shortly thereafter. Based on the promises in my offer letter, as well as assurances to some sort of stock made both verbally and in writing (email), might I have a legitimate suit to an equivalent amount of stock allocated to those in a similar role to mine?Thanks in advance ... Alex