ESOP payout

Factual Questions
1

After losing my job in February last year, I was told my company ESOP payout was done once a year, which was to be in September of last year. I have about $3k in the plan which is within their payout amount (i.e. doesn’t have to be paid over a period of time). Well, September and October came and went with them continually telling me it would be next month. Finally, at the end of November, I received a form for payment which I promptly filled out and returned. At the end of December, when I hadn’t heard from them, I called and was told I should receive payment by the end of January. Guess what? Not a peep from these guys.

Should I be concerned? How long does a company have to pay out an ESOP? Could they be delaying payment intentionally? Have I potentially been losing interest while they sit on my money? I also need to do my taxes and don’t even know if the payout was considered made in 2003 or not.

I’m calling them again tomorrow, but wonder how upset I should be. Any suggestions or recommendations would be appreciated.

~hueco

2

I wouldn’t worry too much about it at this point. In the world of big business sometimes it seems like things are done on 90 day schedules. I would think the payout will be coming soon and it will probably be charged to your 2004 taxes.

I had a run-around with the IRS once that took 2 years to straighten out. They owed me over $2000, and they paid, with interest.

You just have to be patient with these big monsters. I know, it’s not easy to do when they are holding a big chunk of change that belongs to YOU.

Hang loose for a couple weeks. :slight_smile: