How do I claim benifits from an ESOP if the company was sold and no longer in business?
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How do I claim benifits from an ESOP if the company was sold and no longer in business?
Asked on December 12, 2010 under Employment Labor Law, Utah
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
Your Employee Stock Ownership Plan should have had a trustee that oversaw the plan and the financials. Do you remember the trustees name? Was it an individual or was it a business entity that oversaw it? You need to contact the trustee that was in charge. You also have to contact the company that purchased the business. I am assuming that you were retired or not working for the company when they were purchased but you left your stock there and now you want to retrieve the benefits. The role of the trustee is a fiduciary role so there is a great deal of trust and responsibility. Look back on all your documents and see what you can find. And make the contacts indicated above. Good luck.
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