Cindy Anderson Posted August 24, 2020 Posted August 24, 2020 I have a significant amount of $ in an ESOP plan for a company where I terminated my employment in December 2016. Their fiscal year runs through 9/30. Finally in 2019 - I was eligible to request my first distribution - which I did - and requested the full amount paid out - as I just want to be done with all of this... They chose to only pay out a partial distribution (~ 1/4 of what was in the account) - never informed me of how or why or anything else - just made a partial payment and closed the window of opportunity, so to speak. Fast Forward a year, and it is now that the window to request a distribution is open again - and I would like to make another request for my $$ - as COVID has significantly affected our family and business financially, and there are some tax benefits to requesting it now. I contacted the company who is handling my account (As this is what I am told to do by my former employer - not to contact them). I was told that I "may not" be eligible to request a distribution this year - as the company can pick and choose who may or may not request one?! How is this possible? They already have the choice as to whether or not to pay me when I do request one... Now they get to decide whether or not I can even actually make the "request"?? Is it possible that since i requested a full pay out last year when I was eligible - they are considering that as a "request" for payment however/whenever they decide to give it to me? At this point, I separated from the company nearly 4 years ago, and just want to roll this $$ into my IRA so they no longer have control of it.. Thanks for any help!
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