Profit Sharing plan

[Juicebox]

my father had passed away and I"am the Beneficiary of a Profit Sharing plan. And the companies name was Lever Brothers Company. He Retired in 1985. But passed in 2017. And the company has changed hands and name How in the world do I locate this Profit Sharing plan because I have exhausted myself. 

[david rigby]

According to Wikipedia:

"Lever Brothers was a British manufacturing company founded in 1885 by brothers William Hesketh Lever (1851–1925) and James Darcy Lever (1854–1916). They invested in and successfully promoted a new soap-making process invented by chemist William Hough Watson. In 1930, Lever Brothers merged with Margarine Unie to form Unilever."

Is this the same company?

[JamesK]

If your father was older than 70-1/2, then he should have been receiving "minimum required distributions" at least once a year.  The payor of those amounts would have sent him a Form 1099-R each January to report the taxable amount and any tax withholding.  The payor's contact information should be on that information return.

Can you check his tax returns or with his accountant to obtain that payor information?

[Bob the Swimmer]

Good research by David Rigby---there also used to be a loose leaf service by CCH called Capital Changes Reporter that would have that information formally listed --I'm probably showing my age.

[ESOP Guy]

I am curious why do you think he is owned a benefit?  Do you have some statement that is recently dated?  He told you so?  You not sure but want to check? 

I mean if he retired 32 years ago why don't you think he took his balance a long time ago? 

I guess if these are too personal questions I don't mean to offend but it would be unusual for someone to leave money in a plan that long of a time. 

[Luke Bailey]

The above answers are a good start for you, Juicebox. I have been on the other end of inquiries like yours. Your father may still have a benefit under a plan somewhere, and it may belong to you. If the company has gone through many changes, then so have its retirement plans and entropy (aka chaos) may have taken its toll on plan records. No matter how long it's been, however, the plan should have had a successor (maybe through a chain of successors) and the employer has a duty to you to help you determine if you have a benefit. Any records (e.g. name, account #, name of plan, account statement from some time in the past, even if not recent) will help. You need to keep after them and keep a record of everything you have. These days it's much easier because we have email and you can send documents by .pdf, which is a godsend. If all else fails and you believe you may have a benefit but whoever you talk to says not or it's not their business, you can try the Pension Rights Center at http://www.pensionrights.org/.

You might also want to try an state unclaimed property search, since if the plan terminated it may have transferred unclaimed accounts to the state unclaimed property facility.

Good luck.

[MargeM]

Did he leave an IRA too?  Chances are he took the PS money and rolled it over.  Unless he had other employment that explains the IRA existence, you may want to assume that's the Lever money.

Years ago, a relative died and we ran across a life insurance policy.  Luckily, the insurer was still in business and was able to confirm that the policy had long ago been cashed out.  Do your heirs a favor and leave a paper trail with notes about which policies and assets are still valid.  Write a note on account statements when you close them down. 

Better yet, have a conversation and make a list of active accounts. Don't leave it to guesswork!