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Recent Profit Sharing questions

I have 3 retirement plans, a defined benefit, a profit

I have 3 retirement plans, a defined benefit, a profit sharing plan, and a 401K/PSP. I retired 11/15/16. when do I need to withdrawal money from these plans, December 31 or January 15th? Also must I withdrawal from each plan individually or take on distribution for all three?JA: Have you documented this or discussed it with HR?Customer: I was self-employed and had a TPA who I do not trust his opinion. He said all three plans count as 1 and I could take only taking a small amount as a distributionJA: Is the employment agreement "at will," union, full time or part time?Customer: full timeJA: Anything else you want the lawyer to know before I connect you?Customer: my TPA SAID i ONLY NEED TO TAKE 4% OUT OF THE 3 PLANS TOGETHER

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John

Attorney

Doctoral Degree

7,978 satisfied customers
I am negotiating an offer for a senior engineering position.

i am negotiating an offer for a senior engineering position. The final negotiated SALARY is 125k plus profit sharing. I tried also for additional vacation, sign on bonus, better office --- they would not budge. Anything else in addition to salary and profit sharing that can be negotiated -- I think they want to hire me -- but it is a large company -- and they have internal guidelines on not giving sign on bonus or additional vacation. What eles can I suggest to them as an incentive to hire me.

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Infolawyer

Attorney

Juris Doctor.

39,128 satisfied customers
Our company is installing a new 401k plan and want to know

Our company is installing a new 401k plan and want to know best to structure this benefit. Can we off this benefit only full time "management level" employees and would want to restrict matching only to this group. Within this group are we able to offer different levels of matching and how are we best to structure/codify - can it be by job title or by contract? We are thinking of a generous level of 100% matching up to $1500/year for 3 or 4 employees but financially would want to offer less to the others. Potentially we could pivot to profit sharing down the road.

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Infolawyer

Attorney

Juris Doctor.

39,128 satisfied customers
I am a participant in my employers profit sharing plan. I am

I am a participant in my employers profit sharing plan. I am paid an annual salary plus an annual commission which is a flat percentage of revenue I bring in to the business. Each year my employer deducts the amount he contributed to my profit sharing from the total commission I am due. For example if my commission is 40k this year and he contributed 10k to my profit sharing then he will only pay me 30k in commission. Is this legal? I am the only employee who receives a commission (I am the only employee who generates revenue besides the owner). All other employees receive profit sharing without any deduction to their salary.

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ScottyMacEsq

Doctoral Degree

23,738 satisfied customers
I have a situation at work. I am a "partner" in a smaller

I have a situation at work. I am a "partner" in a smaller company. Partner is in quotes, because technically I am an employee, but I get a profit share upon sale or retirement. I am also one of the three upper management persons.We have a female employee that has taken this week off, and provided a photo of a doctors note for next week off as well. My boss (the actual owner of the company) asked for clarification of why she needed to be out, and what was happening. This time off would take her to 40 days of PAID time off this year, she has missed a ton of work, not including the half days we let her take to attend her kids functions.This all seemed very fishy, so we reviewed her emails and messages, and in fact she is not sick, she is interviewing for new jobs, talking poorly about the company and mentioned to her husband in a message she was going to a Victims Advocacy Group and Dr. to see what could be done about my boss "being mean to her" and "embarassing her." Basically she got yelled at for not doing her job and having a bad attitude. I do not necessarily agree with how my boss handles employees, but at no point did she complain to anyone about her treatment there, including to our director of HR. Also in her messages is quite a bit of talk about her going to purchase drugs on her lunch break, and how she can't pass a drug screen if her new job would require one.Basically my question is what would she need in order to have a case against our company as a "hostile work environment"

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Loren

Juris Doctor

40,198 satisfied customers
I'm 57 yrs old & have worked for Wells Fargo Home Mortgage

I'm 57 yrs old & have worked for Wells Fargo Home Mortgage for 26 yrs, part-time evenings. I work 3 evenings, a total of 21 hrs/week. I have full benefits (i.e. 401k match, vacation, profit share, full medical). Along with my base salary, I receive 15% shift differential. I am also eligible for severance pay, which is capped at 25 yrs of service at 16 mths. Approx mid-July, we were informed that the dept will no longer exist, therefore, we are being transitioned into a 40 hr week, Mon-Fri. The position is considered lateral, but is an entry-level data entry position. We currently are titled as Loan Originators & duties included processing, closing, & underwriting duties. We also assisted with borrower's questions and/or concerns regarding their loan process. Shouldn't they have offered us a choice between displacement with severance and continued employment, since the work schedule & position are totally different?JA: Because employment law varies from place to place, can you tell me what state this is in?Customer: Minnesota.JA: Have you talked to a lawyer yet?Customer: NoJA: Anything else you think the lawyer should know?Customer: Of the 8 people affected by this, 3 are 55+ & have 25+ yrs service.

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Marsha411JD

Doctoral Degree

19,386 satisfied customers
What are some steps I can take to encourage my former

What are some steps I can take to encourage my former employer to pay me my profit sharing. I've filled out all paperwork requesting payment. They told me "the checks in the mail" for 6 weeks now. What are the next steps I can take?

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Infolawyer

Attorney

Juris Doctor.

39,128 satisfied customers
I have filed due to a layoff in Texas and have not received

I have filed for unemployment due to a layoff in Texas and have not received a pJA: Have you talked to a lawyer yet?Customer: No, my question is I have received a lump sum profit sharing payment from a base period employer will this reduce any unemployment payments I receive. I have not received any unemployment benefits yetJA: Because employment law varies from place to place, can you tell me what state this is in?Customer: TexasJA: Anything else you think the lawyer should know?Customer: NoJA: OK. Got it. I'm sending you to a secure page on JustAnswer so you can place the $5 fully-refundable deposit now. While you're filling out that form, I'll tell the Employment Lawyer about your situation and then connect you two.

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Taylor

Attorney

Juris Doctor

444 satisfied customers
I was working as a permanent employee non-profit for

I was working as a permanent employee for a non-profit for six years. I got sick and went on disability. Few days back I received a job termination letter from my employer that my job has been outsourced.What are my options now?

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Allen M., Esq.

JAG officer and former adjunct prof.

Juris Doctor, Cum Laude

18,346 satisfied customers
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