NWhite Posted April 25, 2024 Posted April 25, 2024 Good day, I worked for a company that participated in ESOP and I qualified to receive distributions. My employment was terminated during COVID. From how I understood the program to work, is after 5 years, I would begin to receive distributions. However, it had not been 5 years since my employment was terminated and last year November I got a distribution form. I took the gamble and completed the form and sent it back with banking information. And in late December I received a deposit. The deposit was about 33% of the account’s value. My question is what that a one time thing, did I forfeit future distributions? Or since I only received a portion of the balance, will I be able to participate in future distributions?
QDROphile Posted April 25, 2024 Posted April 25, 2024 Have you first posed your questions to the plan administrator? You have disclosure information in the from of a summary plan description -- SPD -- and got specific information about distributions before you applied for the distribution or got the distribution. All of that information is still relevant to your questions. The plan administrator may refer you to written information or might be more helpful to by directly spelling things out relative to your personal circumstances.
NWhite Posted April 26, 2024 Author Posted April 26, 2024 ok, Thank you for you help. I will start with the administrator.
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