I have profit sharing plan with old employer and he refuses to give me the money, what are my options?
The account has lost $600 since last year and I want to get the money now but the employer told me no, what can I do? Do I need an employment law attorney? I'm in Fairfield County, CT.
Rollover of a profit sharing plan can be done once an event that triggers rollover occurs. Leaving one's job is generally one of those events. Under the law you can roll it over in to another profit type sharing account like a 401(k) or SEP IRA. You are absolutely entitled to your money. Is the employer managing it in-house or is it with a funds manager for a major fund? Do you have a fund to roll it over to (it is my understanding that it should go directly in to that fund or there are tax consequences to you)? I would send a letter by certified mail RRR to the fund manager and the employer indicating that you wish to roll it over and giving the account information. Give them a time limit (30 days, etc.) and tell them that if your request is not complied with then you will seek legal help. Then do so.