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Can you tell me the laws regarding distribution of profit…

Customer Question
Can you tell me...

Can you tell me the laws regarding distribution of profit sharing and 401K upon termination at age 60?

Lawyer's Assistant: Have you documented this or discussed it with HR?

No, I wanted to see what my rights are first.

Lawyer's Assistant: Is the employment agreement "at will," union, full time or part time?

It is full time, at will

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

My employment terminated in May of this year. I was sent paperwork showing my account balances. When I received my payout I was not given any credit for company contributions for this year, There is a discrepancy in the account balance and payout amount I received, nor was an explanation given.

Submitted: 7 months ago.Category: Employment Law
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Answered in 8 minutes by:
10/6/2017
Employment Lawyer: Law Educator, Esq., Attorney replied 7 months ago
Law Educator, Esq.
Category: Employment Law
Satisfied Customers: 124,312
Experience: 20+ Years of Employment Law Experience
Verified

Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.

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Customer reply replied 7 months ago
Okay, but I don't see an answer to my question.
Employment Lawyer: Law Educator, Esq., Attorney replied 7 months ago

Each of these plans is governed by their own plan description. So you would need to read your employer's profit sharing plan documents as to how distribution must be made of profit sharing. The profit sharing plan description would contain how payouts are made and if they are made only at a certain time of year or at certain age. This is all governed by the terms of that contract.

On a 401K, you have the right to begin making withdrawals at 59 1/2 and it is up to you to arrange with the 401K company to make the withdrawals. If there are discrepancies in deposits or employer contributions, you need to make your accounting and send your dispute to the plan administrator and if they deny your claims, then you have rights to sue them for breach of contract, since they did not contribute according to your plan description.

Please do not forget to leave positive feedback by clicking on the 5 stars at the top of your page, as the experts are not employees of the site and get no credit for spending time with customers unless they leave positive feedback. Thank you.

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Law Educator, Esq., Attorney
Category: Employment Law
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