How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
A new question is answered every 9 seconds

Ask an Employment Lawyer

Tina
Tina, Lawyer
Category: General
Satisfied Customers: 8097
Experience:  JD, BBA, recognized by ABA for excellence.
4460311
Type Your Employment Law Question Here...
characters left:
Employment Lawyers are Online Now

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • I must thank you all for such a positive and knowledgeable Expert in your Employment Law category. She has provided much relief and answers for me in the midst of dealing with a case. I am totally pleased with her customer service and care. Mildred Washington, DC
< Last | Next >
  • I must thank you all for such a positive and knowledgeable Expert in your Employment Law category. She has provided much relief and answers for me in the midst of dealing with a case. I am totally pleased with her customer service and care. Mildred Washington, DC
  • Excellent direction from Socrateaser to help me preserve and pursue my rights as a proud American who has become unemployed in this messed-up economic downfall. Thank you Happy Customer Denver, CO
  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
  • My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer. Eric Redwood City, CA
  • I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight. Michael Wichita, KS
  • PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent. Three H. Houston, TX
  • Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!! Elaine Atlanta, GA
 
 
 

Employee Profit Sharing Plan Rules

Profit sharing plans are incentive programs offered by a business to employees who rely on the company’s profitability. With so many profit sharing plans available, many people may have legal questions on about profit sharing laws and how profit sharing programs work. Employment Lawyers on JustAnswer can answer any question that you may have regarding profit sharing plans. Below are five of the top profit sharing questions answered by the Experts.

How long can a employer keep a 401k or profit sharing plan after an employee has quit or been fired?

All profit sharing plans and 401K’s are governed under the Employment Retirement Income Security Act (ERISA). You will need to contact your plan’s administrator to determine what the open period is for your plan and when disbursements are made. Each plan usually has a set open period that allows disbursements to be made to employees who no longer work for the company. When you find out about the open period, you will have to file a request for disbursement. This can be done without contacting the former employer, just by looking at your plan and determining who to contact. Usually, all contact information can be found in the plan material you would have been provided at the time of getting into the plan.

If an employee is partially vested in a company and is terminated, do they receive anything from profit shares?

If you are an employee and are partially vested, then you should normally receive the amount that you have accumulated up to the time that you were terminated. You should also review your plan for rules pertaining to profit sharing and termination. Usually, the only way an employee would not receive a percentage of the employer’s investment in the profit shares would be if they are not vested at all.

In Indiana, can an employer deny an employee profit shares if the shares were part of a compensation package?

In general, an employer cannot withhold any part of an employee’s compensation package. If this happens, you need to file a complaint with the labor board. If the labor board is unable to assist you, you may want to retain an employment lawyer. An employment law attorney can write a letter to your employer demanding that you be compensated or legal action would be taken. Generally, the labor board or a letter from an attorney is enough to make an employer comply and distribute the funds that you are entitled to. If you still have issues receiving your money, you could always sue the employer in small claims court. Of course, you would want to make sure the amount of money owed to you is worth a court hearing.

If an employee is qualified for profit shares and the employer refuses to pay stating not enough hours have been worked, what can the employee do?

If your employer is saying that you have not worked enough hours to qualify for profit sharing, you need to obtain a copy of any logged hours, such as a copy of your time sheet and see if the hours are qualified in some way. If the hours you have worked are actually qualified hours, you could demand payment or if necessary, take the employer to court and sue for the amount. Your employer may decide to terminate you in response to your demands. If the employer does terminate you, you can then sue for wrongful termination and retaliation.

In the state of Florida, can an employee opt out of a profit sharing plan or are they required to take it?

The rules in the Employment Retirement Income Security Act (ERISA) must operate within a set of IRS non discrimination rules. Due to very strict coverage rules that are enforced to prevent discrimination within profit sharing plans, you may be limited in opting out unless you fall under ‘exclusion’. With so many different profit sharing plans available, you need to examine your plan to see what the exclusions are and if you would qualify for one.

There are so many legal questions that can arise when discussing 401K profit sharing or other profit sharing plans. Whether you’re an employee trying to decide the best way to handle an issue with a former employer who is withholding profit shares, or an employer trying to decide which plan would be best for your company, Employment Lawyers on JustAnswer can help you with these questions. The Experts on JustAnswer answer a wide variety questions about profit sharing and can give you answers to your questions in a fast and knowledgeable manner.

Ask an Employment Lawyer

Tina
Tina, Lawyer
Category: General
Satisfied Customers: 8097
Experience:  JD, BBA, recognized by ABA for excellence.
4460311
Type Your Employment Law Question Here...
characters left:
Employment Lawyers are Online Now

How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Employment Lawyers are online & ready to help you now

Tina
Lawyer
Satisfied Customers: 7759
JD, BBA, recognized by ABA for excellence.
Marsha411JD
Lawyer
Satisfied Customers: 10539
Licensed Attorney with 27 yrs. exp in Employment Law
Infolawyer
Lawyer
Satisfied Customers: 9785
Licensed attorney helping employers and employees.

Recent Profit Sharing Questions

  • We are offering a retirement package at the end of this

    We are offering a retirement package at the end of this year. We are wanting to include a bonus deposit into their 401k on January the first equal to 1 year salary up to $50,000. This would be the only deposit made to their 401k that year. My questions
    are... (1)is this legal (2). 401k profit sharing is deductable for my company, would this also be deducable? (3). We are attempting to alleviate some of the tax burden for the employee by depositing into their 401k on Jan 1st as opposed to making them a payment
    at the end of 2014. is there a problem with this?
  • Hello, Im currently a w-2 employee in Illinois. Im a profit

    Hello,
    Im currently a w-2 employee in Illinois. Im a profit sharing employee, which means I'm on a lower base salary because my commission typically makes up the difference. Now they have eliminated my position, offered me a store manager job, which is an increase in salary by 3k, but a decrease in commission. Can I refuse the current job offer? and will I get unemployment refusing the job?
  • Over 9 years working with this company, I put in a Resignation

    Over 9 years working with this company, I put in a Resignation For the date set 12-31-14. I Put this notice in on 7-31-14. My job title was Asst. Warehouse Manager. The Reason for this, as I told HR, was to focus on going back to school to earn a degree In warehousing and logistics. I had already spoke with an advisor from CTU ( Colorado Tech University) Setting up an enrollment date scheduled for the beginning of the new year in 2015. There were a lot of factors that I told HR that help me to make this decision, that included: Management over stepping boundaries not associated with his job title, procedures that were written and over ruled by voice, instead of being Documented like all the rest of the procedure's were. Profit Sharing/Retirement plan being eliminated. Employee Bonus Revoked. Down grading employees to be fearful of losing their job. Name calling, for instance, I'm a Tall Thin man, being called skinny, boney, Put some weight on, eat a sandwich, puny and bean pole. This was done by employees, and even both owners, who I have great respect for. It was hurtful, and being there over 9 years and have worked diligently hard to achieve my job title. Although I shared these concerns with HR, I wanted to show my respect for this company that I worked so hard for, and they know I did. And gave them an extended notice, so I can keep working, helping others learn different job skills, train an existing employee on my job, and complete my task of organizing the warehouse SINGLE handedly I may say. I loved my job, but wanted more than this company could provide. Also, to save for my enrollment fees, so I wouldn't have to apply for a loan. I was discharged from this Company at 12 noon the same day. Was given 2 weeks severance pay, killing my opportunity to save for college, and causing emotional damage. I have filed unemployment, to which the employer is appealing. I have not been able to find a job the past 6 weeks, I have been living on my savings, and I've been depressed of late, hard to sleep, crying because I'm scared I'm going to be homeless. I have worked so very hard to achieve my title, and there are employees that can verify this also, if needed, I do not want to risk there job. Is this legal? I feel like I was Retaliated against for putting in the notice, I'm not sure what else to do, I have no one else. Thanks Chris Starling.
< Last | Next >
View More Employment Law Questions