What are my options if my former employer is refusing to provide me with my annual statement for the company profit sharing plan?

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What are my options if my former employer is refusing to provide me with my annual statement for the company profit sharing plan?

I have received profit sharing statements each year I worked at my former company – reflecting account balance and employer contribution as of 12/31 per each year. I left the company almost a year ago – and they will not provide me with a statement reflecting the balance of my account. All they provided me with was roll over/transfer paperwork with a dollar amount that they say is mine. I disagree with the amount based on what my total was at the end of my last full year of employment and the contribution that was to be applied last year based on my last full year’s earnings – that I have documented in a letter from my employer. Is this legal?

Asked on August 19, 2011 Washington

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

If your former employer as the trustee and fiduciary under the profit sharing plan refuses to provide you with the annual statement for the plan that you seek, your have the following recourse:

1. write the trustee a letter requesting the needed information by a set date;

2. keep a copy of the letter sent for future need and reference;

3. if not received by the desired date, consult with an attorney experienced in labor law about the problem you are having;

4. contact the nearest Department of Labor in your state about the problem you are having. This entity is in charge of overseeing company profit sharing plans and fielding employee complaints.


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