What to do if my former employer is refusing to pay out my E.S.O.P benefits?
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What to do if my former employer is refusing to pay out my E.S.O.P benefits?
It is a privately owned company. How do I force them to pay the money? I do have certificates for the stocks and money they owe me.
Asked on March 19, 2012 under Employment Labor Law, Colorado
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
You need to carefully read the terms and conditions with respect to your ownership of stock in four former employer's company under the E.S.O.P. that you are writing about to see what mechanisms must be utilized for you to get the pay out. Under the plan there may be certain time periods for a pay out assuming you are vested under the plan.
I suggest that you consult with an attorney that practices in the area of labor law to further assist you in the matter of consult with your local department of labor. This entity oversees such plans with an employer.
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