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  • Profit & Pension/401k-California

    Hello,

    I was wondering if anyone knows the time frame an employer has to pay an employee their pension/profit sharing plan (401K)when the employee quits their job. I am about to give two-three weeks notice to my employer and I have a 401K plan (for the last 4+ years) and I need to know my legal rights regarding disbursement. My employer (a dentist) has not always been fair with me in the pass and I feel that he is going to try to find a way to make sure I see very little of the fund.
    Any info would be appreciated, thank you!
    D

  • #2
    Distribution

    Whether distribution occurs automatically depends on the amount of money you have in the plan. In any case, Once a distribution is requested/automatically generated, I believe a distribution has to occur within 90 days. However, since benefits law is very complicated, you should talk with your plan administrator. Chances are that your employer outsourced the 401(k) to a firm such as Merrill Lynch.
    Lillian Connell

    Forum Moderator
    www.laborlawtalk.com

    Comment


    • #3
      Thank you for your response. Unfortunately I called the company who handles the pension/profit plan and they said I need to go directly to the doctor for questions regarding our plan. It is only the doctor & I in the practice, I'm the only employee. I have never received a plan report in the 3.5 years I have been there, last year the doctor handed me a adding machine tape piece with 2002 & 2003 figures on it..thats it. The total at that time was $15K. Do you know if there is an agency I can contact with legal questions regarding this situation? Thanks for your help!
      D.

      Comment


      • #4
        Benefits

        Yes, I do. You can contact the Department of Labor. http://www.dol.gov/dol/topic/health-plans/index.htm
        Lillian Connell

        Forum Moderator
        www.laborlawtalk.com

        Comment

        The LaborLawTalk.com forum is intended for informational use only and should not be relied upon and is not a substitute for legal advice. The information contained on LaborLawTalk.com are opinions and suggestions of members and is not a representation of the opinions of LaborLawTalk.com. LaborLawTalk.com does not warrant or vouch for the accuracy, completeness or usefulness of any postings or the qualifications of any person responding. Please consult a legal expert or seek the services of an attorney in your area for more accuracy on your specific situation.
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