Profit Sharing Plan

[Guest merrysunshine21]

I recently left my employment of 13 years and my employer (President, CEO) had the accountant write off the profit sharing plan that was in place from 1995-2001 when we started a 401(k) plan. He was advised to transfert he monies to the 401(k), but he decided to just get rid of it so he doesn't have to file taxes on it anymore. The accountant was filing the 5500 tax form yearly. Is there any recourse in me recovering my portion of the profit sharing plan?

[Jim Chad]

Yes. I would suggest you write him a letter first, and mail it certified. You should state that you are requesting information on your balance in the Plan and how to roll your account to an IRA. ( You may later decide to withdraw your money, but this is a good way to start) If you roll to an IRA, the employer will not withhold for taxes and you will not have that additional fight. You might mention what you will do in 60 days if you get no satisfactory reply.

If you do not get a reply in 60 days, call the DOL (Department of Labor) one phone number you might try is 202-219-8515 or 606-578-4680. These offices will be able to tell you exactly what DOL office you need to call and the correct phone number.

[Bird]

Good luck and do NOT give up on this. There are several things in your post that are red flags to those of us in the business:

"...the accountant write off the profit sharing plan..."

"...accountant was filing the 5500 tax form..."

In the letter, I would ask for the most recent participant's statement, summary annual report, and summary plan description.