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The Judge
The Judge, Lawyer (JD)
Category: Legal
Satisfied Customers: 703
Experience:  Active lawyer & former judge with over 30 years experience in family law and business law.
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I worked for a cataract center for aboout ten years. I have

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I worked for a cataract center for aboout ten years. I have now guit due to a fall not connect with. I have been off work since May. We had profit sharing plan. The copmany paid into it and I did not have to contribitue. How long should I have to wait to receive this from the company. I have nothing to say how much is in it. The only name I have of this is the company name and Profit Sharing Plan ("Plan"). The last paper I received was for Jan 07 to Dec 07.
Submitted: 8 years ago.
Category: Legal
Expert:  The Judge replied 8 years ago.

Most profit sharing plans are administered by 3rd parties, not the company itself.

So when you same you have the "company name," if that is the 3rd party administrator, you should contact that company and ask for a copy of the following information:
  • Copy of the company plan
  • Current value statement
If the plan is not administered by a 3rd party, you will need to contact the company and find out who or what department within the company administers the profit sharing plan. You would then need to contact the person or department and ask for the same information as above.

The copy of the plan (or plan summary) will tell you when and how you can get distribution. But you should also try to just ask whoever you talk to at the company or 3rd party administrator for guidance on what to do. Sometimes they will help, sometimes they won't.

If you do not take all of the funds out of the plan, you can expect to continue to receive an annual statement during the firs quarter of the following year.

I hope this answers your question. If there is anything that you do not understand, please let me know and I will be happy to explain further.

In the meantime, please click "Accept" so that I may be paid for my answer and any subsequent follow-ups with you.

Thank you,

The Judge

P.S. I am frequently asked how someone can specifically request that I, personally, answer a question. Here’s how: for new questions in the future, always begin your question with “QUESTION FOR THE JUDGE.”

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