ESOP payment not made

Per the ESOP plan at my former employer, I’m to receive 3 annual payments of what’s listed on the stock certificate.  The first payment was almost 4 months late and several hundred to an attorney to get him moving.   The second payment will be past due as of January 2.   Do I need to get the attorney again, or can I rattle his cage some other way? 

If you still have not received the second payment I would start with a friendly reminder to your former employer.  Then, remind your former employer in writing, then remind in writing return receipt requested, then if still no response consider asking the attorney to get involved again.

In any or all of these reminders you can remind your former employer that if needed you will get the attorney involved again.

You have left a lot out of your question.  Since you got an attorney maybe you are sure when it is due.   I ask because all I do is work with ESOP companies and ESOPs work at their own pace and it is much slower than 401(k) plans. 

They can require you to wait years to start payments.  They have to have the stock appraised each year which can take months.   It isn't uncommon for ESOP payments to for a 12/31 plan year end to happen in late summer to early winter following the 12/31 the stock price is paid on. 

I am serious most of what I do in Nov-Dec time frame is help ESOPs make payments.  For this last Nov-Dec we were paying people their 12/31/2017 balance. 

Yes, however if you are sure the payment is late I would communicate with them and see when they are going to pay.   The awkward thing is if it is a 12/31 plan year plan they are supposed to now pay based on the 12/31/2018 stock price now that we are in 2019.  That means wait until the new appraisal is done.  However, if they aren't ever getting that done timely you would get stuck not getting paid which can't happen either. 

Do you have a copy of the Summary Plan Description (SPD)?  If so, it should give some description of when you are to be paid.   It also towards the end gives a description on how to make a formal written claim which they are required to give a formal written response to your claim in return.   You don't really need a lawyer to start that process.  You just need to follow the procedures carefully as outlined in the SPD. 

Thank you for your input. 

Yes, the payment is due for 2017. I will check the SPD to see about the formal written claim process. I’m pretty sure they haven’t paid me because they haven’t paid the attorneys who are handling this.   That’s what occurred before with other payees.