Payout of ESOP at termination of employment in NY State

Previous | Next
 rated by 0 users
Latest post Wed, Oct 28 2009 10:09 AM by adjuster jack. 2 replies.
  • Wed, Oct 28 2009 7:26 AM

    • CLWinters
      Consumer
    • Not Ranked
    • Joined on Wed, Oct 28 2009
    • NY
    • Posts 1

    Payout of ESOP at termination of employment in NY State

    Can a company withhold my ESOP at termination of employment in New York State? I am being layed off after 8 years and am fully vested but the company says I have to wait until 62 to collect the ESOP. I didn't quit, they terminated me due to lack of workload. I don't want to leave my ESOP at their mercy to lose for me. It's my retirement money and I want to roll it over into something I can control. I am 58 years old . Can anyone give me some answers? I have until Nov 6, 2009 to work.

  • Wed, Oct 28 2009 9:16 AM In reply to

    Re: Payout of ESOP at termination of employment in NY State

    ESOPs are strictly regulated by ERISA and the employer must adhere to the plan rules to the letter.  You are entitled to a copy of the Summary Plan Document upon request.  I suggest you get it and read the rules contained therein.

  • Wed, Oct 28 2009 10:09 AM In reply to

    Re: Payout of ESOP at termination of employment in NY State

    Poke around the DOL's Compliance Assistance web page and see what you can find out.

    Might even be worth a phone call.

    http://www.dol.gov/dol...

     

     

    • The right of the people 
    • to keep and bear arms,
    • shall not be infringed.
Page 1 of 1 (3 items) | RSS

My Community

Community Membership New Users: Search Community