Louisiana  |  Employment Law

Legal Question

Asked on: 1/24/08, 9:45 am

Retirement Plan

I resigned from a company Nov 1 07. Since I have tried to rollover my retirement account. The plan admin. states she has had to ''reconcile the account'' so the funds have not been released yet. Now (3 months later) the company has removed $5000 in profit sharing from the fund claiming I am not eligible for the benefit because I resigned before years end. Can they do that?

1 Answer

Answered on: 1/24/08, 9:58 am by Perry Staub

Re: Retirement Plan

The answer to your questions depends on the terms of the company's Plan. Often plans will have a requirement that an employee still be working on the last day of the year in order to be eligible for benefits; other plans do not have this requirement. If you have a copy of the plan document and know whether the plan was a safe harbor plan or not, the answers could be readily ascertained.

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