My employer (financial institution) merged with and into another financial institution on July 1st, 2015. The ESOP plan was to be terminated and distributions/roll-overs were to occur shortly thereafter. The acquiring institution filled an application for a IRS Determination Letter thus informing all ESOP participants that distributions would not be made until the IRS issued the Determination Letter. HR was not forthcoming with information, however in early May, after several ignored emails, we were informed that the IRS issued the Determination Letter on 4/26/16. Distribution letters were mailed last week and received on 5/16, however, inquiries about the distributions revealed that our employer would not release distributions until after July 1st. Requests for ESOP SPDs have been ignored thus far.
Is the normal operating procedures for ESOP terminations?
Thanks.
