Cashing out ESOP and where do I go?

[Allen R. Young]

I have esop through lowe's my last date of employment was 4/29/1998 over 10 years now I have my statements and I will be 59.5 years of age in November and I would like to cash out, currently lowe's do not handle the ESOP plan any more and went with the 401k plan partners of WELLS Fargo Bank do I go to them or is there another direction?

[ESOP Guy]

Lowes may have outsourced much of the work but they still have a responsibility for their plan.  I would start with their HR Department unless you have a 1-800 type number with Wells Fargo.  If you have a website you could start there.

What you are looking for is the following:

1) A copy of the Summary Plan Description (SPD).  This is a summary of the basic plan provisions.  It should tell you under what conditions you can get a distribution. 

2) A website or 1-800 might be able to tell you how to get an SPD and they might help you start the payment process.  HR department might be able to do the same.

But what you need is at this point is simple information about when and how to get paid from the plan.  It might turn out a website or 1-800 number can get you an SPD and the forms needed to start the process.  Does the statement you have give a website or 1-800 number?  If so, start there would be my guess.  

[Allen R. Young]

Thank you ESOP Guy, I'm really glad about the infomation that you relayed to me I will definitely try back at lowe's HR and work  twords getting the SPD frist.

And also in light of reading everyone's blog's it might also be wise of me to have or contact an ERISA attorney for further guidance. again thank you. 

[ESOP Guy]

If you haven't asked for the money it is my humble opinion that you are wasting your time and money to contact an ERISA attorney now.  Find out if they are willing to help you and only if they seem to be unwilling then go to the expense and trouble of an attorney.  

[CuseFan]

Also, I suggest talking with your accountant or financial adviser.  If the value of the stock has appreciated significantly over the years, you could reap some significant tax benefits by taking your distribution in shares of stock rather than "cashing out" and/or rolling over. 

[Allen R. Young]

I have my ESOP statements and I never touched it, and the company I once work  for can't seem to find my ESOP now there saying after 1999 they went to the 401k retirement plan and now they are custodial with E-trade although the store I worked at the HR is still doing some investingateing on trying to find where it's at now, I wish I knew who they were custodial with in 1979.

[K2retire]

10 hours ago, Allen R. Young said:

I have my ESOP statements and I never touched it, and the company I once work  for can't seem to find my ESOP now there saying after 1999 they went to the 401k retirement plan and now they are custodial with E-trade although the store I worked at the HR is still doing some investingateing on trying to find where it's at now, I wish I knew who they were custodial with in 1979.

Your statements should show where it is held.

[ESOP Guy]

You know when I Google Lowes 401(k) login I get this link:

https://leplb0180.portal.hewitt.com/web/lowes/login?forkPage=false

This tells me the current TPA is Aon-Hewitt.

I do another Google and I get this phone number of the Lowes' Aon-Hewitt service center

https://leplb0180.portal.hewitt.com/web/lowes/pre-contactus

 

Might want to call them and and ask questions.