Guest rpescev Posted September 30, 1998 Report Share Posted September 30, 1998 Dear Sir or Madam: Allow me to introduce myself. My name is Ramon N. Pescevich and I worked for Johnson & Johnson until 1995 when downsizing occured. Last month I received a letter from my former employer telling me that I would receive a cash dividend check from my 401K which I would pay a tax on. The company is expected to save millions with this move. I was also informed in the letter that the checks are to be paid out quarterly starting at the beginning of this month. I wanted to set up a DRIP. I purchased 1 share of JNJ stock and with this check I plan on reinvesting into JNJ stock. So far the telephone lines for JNJ where down for 5 days. They had an option 9 for the people who are affected by this to call that number. There is no more option 9 at the voice prompt. Stocks for JNJ at the beginning of the month were $70-$75. Today JNJ stock is at $80. Why am I going to spend my cash dividend buying JNJ stock at $80 a share when I could have brought that same stock at $70 a share? Why is JNJ doing this to their former employees? Are there any legal actions that one can take so that one can purchase these shares in a timely manner? Who is getting this money with their delays? Hoping to hear from you soon. I would like to thank you for your time. Yours truly, Ramon N. Pescevich Link to comment Share on other sites More sharing options...
Guest ESOPwizard Posted October 1, 1998 Report Share Posted October 1, 1998 Have you inquired whether you are able to take a distribution on your account? You could rollover to an IRA (but I'm not certain whether IRAs are eligible to paerticipate in dividend reinvestment programs). Your summary plan description should have an explanation of your distribution options. Link to comment Share on other sites More sharing options...
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