Employment Law

Employment law questions? Ask an employment lawyer.

Ask a Lawyer,
Get an Answer ASAP!

I participated in an ESOP with my former employer. I was…

Customer Question
I participated in an...

I participated in an ESOP with my former employer. I was there over 10 years and fully vested. 5 years has past since departing the company and I've not received any distribution nor has the ESOP trustee informed me of the company's intent to distribute in any way. According to the plan docs they have to pay me out fully between the anniversary of the 5th year and 7th year. I can wait another 2 years, but I'd like to roll these funds into the ESOP of my current employer sooner rather than later. What is my best recourse?

Lawyer's Assistant: Have you discussed this with a manager or HR? Or with a lawyer?

The trustee let me know she was leaving the company and sent me the new POC for the ESOP. We never discussed distribution. I've never discussed with an attorney.

Lawyer's Assistant: Are you an "at will" employee? Do you belong to a union?

At will

Submitted: 4 months ago.Category: Employment Law
Show More
Show Less
Ask Your Own Employment Law Question
Answered in 1 day by:
3/19/2018
Employment Lawyer: Phillips Esq., Attorney-at-Law replied 4 months ago
Phillips Esq.
Phillips Esq., Attorney-at-Law
Category: Employment Law
Satisfied Customers: 22,381
Experience: B.A.; M.B.A.; J.D.
Verified

Hello: This isCustomer Welcome to JustAnswer! I am reviewing your post, and I will post my response very shortly. Thank you for your patience.

Ask Your Own Employment Law Question
Employment Lawyer: Phillips Esq., Attorney-at-Law replied 4 months ago

Kindly note that I just came across your post. I do not have control over the question list or the promises made to you by the site as to the response time. I am just a site user just like you. Nonetheless, I apologize for the delay in response to your post.

Kindly give me a few minutes to prepare my response.

Thank you for your patience.

Ask Your Own Employment Law Question
Employment Lawyer: Phillips Esq., Attorney-at-Law replied 4 months ago

You need to contact the current Trustee if she is there about the distribution or about requesting for your distribution now to be rolled over to another ESOP. If the Trustee has already left, then you need to contact the new Trustee about your concerns.

Best wishes,

A 5-star positive rating to my response is appreciated so that I can receive credit for responding to your post. There is no additional cost to you for giving a positive rating. However, that is how I get paid for answering questions on this site.

Thank you for your cooperation.

Ask Your Own Employment Law Question
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with an employment lawyerLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask Phillips Esq. Your Own Question
Phillips Esq.
Phillips Esq.
Phillips Esq., Attorney-at-Law
Category: Employment Law
Satisfied Customers: 22,381
22,381 Satisfied Customers
Experience: B.A.; M.B.A.; J.D.

Phillips Esq. is online now

A new question is answered every 9 seconds

How JustAnswer works:

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

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.

MildredWashington, 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 CustomerDenver, 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.

EricRedwood City, CA

I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight.

MichaelWichita, 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!!

ElaineAtlanta, GA

< Previous | Next >

Meet the Experts:

Allen M., Esq.

Allen M., Esq.

Employment Lawyer

13,334 satisfied customers

Employment/Labor Law Litigation

Marsha411JD

Marsha411JD

Lawyer

12,490 satisfied customers

Licensed Attorney with 29 yrs. exp in Employment Law

Infolawyer

Infolawyer

Lawyer

12,478 satisfied customers

Licensed attorney helping employers and employees.

JB Umphrey

JB Umphrey

Lawyer

6,273 satisfied customers

Assisting employees and employers for over 14 years.

John

John

Employment Lawyer

4,029 satisfied customers

Exclusively practice labor and employment law.

Dimitry K., Esq.

Dimitry K., Esq.

Attorney

3,007 satisfied customers

I provide employment and discrimination law advice in my own practice.

ScottyMacEsq

ScottyMacEsq

Lawyer

2,893 satisfied customers

Licensed Texas General Practice Attorney

< Previous | Next >

Related Employment Law Questions
I was recently layed off due to my position being cut. I
I was recently layed off due to my position being cut. I have money in the company esop plan but they say I cant get it for 6 years. Even if I retire.( I, … read more
Marsha411JD
Marsha411JD
Lawyer
Doctoral Degree
12,490 satisfied customers
Thank goodness a human face...I have concerns about the
thank goodness a human face...I have concerns about the administrator for an employee stock ownership plan for a company that I'm worried may not be "keeping good records for the ESOP" do you take car… read more
Legal Eagle
Legal Eagle
Attorney
Doctoral Degree
13,262 satisfied customers
According to the ERISA fact sheet: "You immediately
According to the ERISA fact sheet: "You immediately vest in your own contributions and the earnings on them. This means you have earned the right to these amounts without the risk of forfeiting them. … read more
PaulmoJD
PaulmoJD
Attorney At Law
Doctoral Degree
106 satisfied customers
My former employer just cashed out a portion of their investment
My former employer just cashed out a portion of their investment in my 401k, 5 years after I left employment. They now are claiming I wasn't fully vested. Is this legal?… read more
RESPONDER9
RESPONDER9
336 satisfied customers
Hi Zachary - I started a job about 2.5 years ago. In the agreed
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 wou… read more
TexLaw
TexLaw
Attorney
Post-Doctoral Degree
4,347 satisfied customers
Hi I resigned from my job and have asked my former employer
Hi I resigned from my job and have asked my former employer to distribute my profit sharing and 401K. I just received paperwork that states i am to get $33,886, but it is lower than my total vested am… read more
Infolawyer
Infolawyer
Lawyer
Doctoral Degree
12,478 satisfied customers
I was let go from my a little over a year ago due to a plant
I was let go from my a little over a year ago due to a plant closure. I had an ESOP plan with this company. Their fiscal year ends 10/31 and I received my ESOP request for benefits paperwork Sept this… read more
Marsha411JD
Marsha411JD
Lawyer
Doctoral Degree
12,490 satisfied customers
I was laid off on January 8, 2010, my 11th year as a participant
I was laid off on January 8, 2010, my 11th year as a participant in my company's ESOP. In June 2010, I elected to diversify 25% of my shares as a cash distribution, in accordance with the Tax Reform A… read more
PaulmoJD
PaulmoJD
Attorney At Law
Doctoral Degree
106 satisfied customers
I have been employed with my company for over 33 yrs. starting
I have been employed with my company for over 33 yrs. starting in 1977. We became an ESOP about 1982 eventually becoming 100% employee owned. About 8 years ago we had an administration change. Now our… read more
Marsha411JD
Marsha411JD
Lawyer
Doctoral Degree
12,490 satisfied customers
I have ESOP money owed to me. I was called yesterday to say
I have ESOP money owed to me. I was called yesterday to say my former employer has decided to buy it back. They are going to automatically dump it into a 401K account they still had open for me under … read more
LawGuy
LawGuy
Juris Doctor
123 satisfied customers
ESOP - My company of 10 plus years which I was 100% vested
ESOP - My company of 10 plus years which I was 100% vested in their ESOP program recently sold the part of their company which I was employed to a competitor recently. I am told I cannot even start to… read more
Marsha411JD
Marsha411JD
Lawyer
Doctoral Degree
12,490 satisfied customers
I am an employee of a small busines with an ESOP. To fund
I am an employee of a small busines with an ESOP. To fund the repurchase obligations of the ESOP (in the event of an employee death), I am being asked to fill out a life insurance application. Do I ha… read more
PaulmoJD
PaulmoJD
Attorney At Law
Doctoral Degree
106 satisfied customers
I am a vested participant in an ESOP of a company that has
I am a vested participant in an ESOP of a company that has been sold (Jan 1 2010). It appears that the original owner is still in control of the ESOP even after we were informed a new trustee had been… read more
socrateaser
socrateaser
1,452 satisfied customers
Can a Employeer Refuse to give you money from a ESOP program
Can a Employeer Refuse to give you money from a ESOP program after you leave the company. I left the company 3 years ago and I am now unemployeed and indanger of losing my home. Can they refuse giving… read more
Infolawyer
Infolawyer
Lawyer
Doctoral Degree
12,478 satisfied customers
My husband is expectating to be terminated this afternoon just
My husband is expectating to be terminated this afternoon just based on office gossip. He has been a market manager for 5 years with the company. The company pays all of the employees health insurance… read more
Lawyer Bob
Lawyer Bob
Doctoral Degree
413 satisfied customers
Recently I was laid off, the company that I worked for has
Recently I was laid off, the company that I worked for has an ESOP plan which I'm vested at 100%. I have received my ESOP statment and I would like to get my money out, but the company is telling me t… read more
JB Umphrey
JB Umphrey
Lawyer
Juris Doctor
6,273 satisfied customers
Can an employer cash out of an ESOP plan but remain with the
Can an employer cash out of an ESOP plan but remain with the company in a consultant or advisor role? Where would I find the rule of law for this issue?… read more
socrateaser
socrateaser
1,452 satisfied customers
I was terminated in Iowa in August 2006. I have a substantial
I was terminated in Iowa in August 2006. I have a substantial balance vested in a 401k plan. I have repeatedly requested distribution of the vested funds--my employer first hid behind a Year end featu… read more
Experienced Attorney
Experienced Attorney
JD
268 satisfied customers

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

Show MoreShow Less

Ask Your Question

x