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Recent ESOP questions

I am writing on behalf of colleagues working at my former

Hello,JA: Hello. How can we be of help?Customer: I am writing on behalf of colleagues working at my former employer, a major corporation. The defined benefit maximum pension has been paid at age 65. There is also an ESOP that was added a number of years ago.JA: Because employment law varies from place to place, can you tell me what state this is in?Customer: The parent company is based in Illinois, and the affected employees are in other states. Employees requesting information are getting estimates in writing from the company. One person was told his defined benefit pension would be $2,426 a month at age 65, and $4,330 a month if he waits to draw it at age 70. Another person was given an estimate of $2,333 at age 65 and $4.164 at age 70. These are incredible numbers, a growth of 12% a year. Social Security only gives you 8% a year if you wait from 66 to 70. For the ESOP, the person getting the $4.164 was told the figure would be $2,138 at age 65, and $4,139 at age 70. Nobody can find any changes in the pension plan where the company said it would boost the payment in this substantial way at age 70. How can these numbers be legitimate? Is it possible the company simply changed the payout formula, simply boosting the retirement pension age to 70 without telling the employees?JA: Is the employment agreement "at will," union, full time or part time?Customer: Full-time, non union. I assume "at will" means you can quit or be fired at any time.JA: Anything else you want the lawyer to know before I connect you?Customer: Do I have to pay for this advice?

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Marsha411JD

Doctoral Degree

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SEVERANCE AGREEMENT I am over 40 years of age and received

SEVERANCE AGREEMENTI am over 40 years of age and received separation agreement, waiver and general release due to lack of available work and would like an attorney to look over the document before signing.

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Law Educator, Esq.

Attorney At Law

Doctoral Degree

116,762 satisfied customers
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?

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Lucy, Esq.

Juris Doctor

33,614 satisfied customers
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.

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Infolawyer

Attorney

Juris Doctor.

42,494 satisfied customers
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?

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39,608 satisfied customers
my company has just gone to an esop program and I would like

my company has just gone to an esop program and I would like to know if the employees have and rights or say in how things are set up or how the program is managed

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Allen M., Esq.

JAG officer and former adjunct prof.

Juris Doctor, Cum Laude

18,686 satisfied customers
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?

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Infolawyer

Attorney

Juris Doctor.

42,494 satisfied customers
I HAVE BEEN RETIRED SINCE 2007 I HAD A ESOP ACCOUNT .I WORKED FOR THIS COMPANY 26 YEARS

I HAVE BEEN RETIRED SINCE 2007I HAD A ESOP ACCOUNT .I WORKED FOR THIS COMPANY 26 YEARS. I AM HAVING PROBLEMS GETTING MY ESOP.

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Law Educator, Esq.

Attorney At Law

Doctoral Degree

116,762 satisfied customers
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

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Marsha411JD

Doctoral Degree

19,676 satisfied customers
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