Nubiangoddess

Also, they are still hiring. Why hire if you're in such a dire financial situation???

I do want my money, but I really want some answers, too. I want an answer to what exactly is happening. But the person in HR I've been speaking to doesn't seem to know anything. If I could sit down with someone who actually has some answers that would be ideal. I'm not the only one who wants to know exactly what is going on. They do not even want to say when we will get any type of payment, if ever. The person in HR says they only have the information that is in the letter. How is that possible? The letter is vague. I am not pressing for payment, I'm pressing for answers. I don't have money for an attorney and I'm sure they realize that.

I'm a former employee of a company that offers ESOP as a benefit. I was laid off in September of 2010 and was told that the company will hold the money for 60 month period. When i contacted the company in 2015 I was told that I had to wait until the 5th plan valuation after separation, or 2016. In 2016 I was sent information on elected a lump sum distribution. I contacted the company and was told that wold need to make the election between July 1 and September 30, 2016. They payment would then be made no later than the end of the year (by December 31, 2016). I elected my lump sum distribution on July 8, 2016. On November 18, 2016 I contacted the financial company that would process the distribution. I was told that the payment would be processed no later than December 31, 2016. I checked again on December 29, 2016 and on December 30, 2016 that financial company again said that, per plan policy, payments would be processed by December 30, 2016. On December 31, 2016 I received a letter from the company that was dated December 30, 2016. The letter stated that because sales were not as anticipated and industry competition was stronger than anticipated, changes to the ESOP plan have to be made. It explains payments to former employees will be deferred. It does not say for how long. Also, the letter says lump sum payments will no longer be made and payments will be made over 5 annual installments once participants become eligible for distributions. I have not received a summary plan description since 2005 (I no longer even know where it is). I stopped by the company to view the SPD and was told that the person who has access was gone for the day, so I will be back today to pick up copies. I am wondering if this type of last minute notice is sufficient. Also, I am already eligible for distribution, so shouldn't I at least be getting one of those five annual installments? I am not sure how I can make this company pay me my money. The attorney I contacted said if the account is not worth at least $100,000 it is not worth it to litigate. I know $27,000 is not a lot of money to most, but it will make a world of difference to my family. The letter is attached, and it does not offer much information. I would just like to know when I can expect to get paid.