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Showing results for tags 'employees'.
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We have an existing 401(k) safe harbor plan with one year of service, age 21, quarterly entry dates. Plan Sponsor now wants to exclude certain employees from the Plan (a division of the Plan Sponsor) that would make current participants ineligible for the Plan. The Plan will easily pass coverage. I am sure that this can be done but have a colleague that says these employees will continue to be eligible even if now in an excluded class. Any thoughts greatly appreciated.
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Our Company became an ESOP several years ago. A DOJ review found that the company overvalued the shares sold to the ESOP. To satisfy the DOJ the partners of the company, who sold the shares to the ESOPS ,purchased back 80% of the shares from the ESOP. This made the DOJ satisfied. So the employees now only own 20% of the company. Something that has never been disclosed to the employees since it occurred several years ago. All our company documentation still lists us as employee owned. Though not partially employee owned Now the owners of the majority are marketing the company to third party buyers. My question is about what is owed to the employee stock owners as far as disclosure in the original stock purchase being nullified as well as when or if we must be notified that the company is being sold. We have an ESOP representative on the board. We have never met him. He has never conveyed anything to us. I was told it is his job to represent our interests. It seems informing us of all these sales and legal matter WOULD be in the employee interests? All of this information was told to be by a very close friend in accounting. The company has never acknowledged it to any of us.
