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Unpaid profit sharing money is generally covered under wage and hour laws, which means that there are a number of resources available to you if the money is not paid in a timely manner. One option is to contact the state Department of Employment in the state where you worked.
→ Read MoreIt is generally possible to leave your employee pension to your spouse or your child, meaning that if you pass away, the payments will continue to be made to the specified survivor. However, whether or not you can do this in any specific situation will depend on the type of employee pension you have.
→ Read MoreWhether or not your pension plan is insured will depend on the type of pension plan you have. Subject to certain limitations, the Pension Benefit Guaranty Corporation insures certain benefits under defined benefit pension plans. There is generally no insurance for a defined contribution plan.
→ Read MoreWhenever you take out a loan against your employer’s profit sharing plan and aren’t able to repay the loan within the allotted time frame that the loan plan gives you, you can be penalized against the amount of the remaining balance on the loan. The amount that you pay because of the penalty depends both on the amount of your loan balance and the type of profit sharing plan your employer provides.
→ Read MoreYou won’t necessarily lose your health insurance if you are fired or laid off from your job.
→ Read MoreIs my employer permitted to borrow money from my pension plan, as long as the employer pays it back?
→ Read MoreIf your spouse has a retirement plan and dies without collecting on it, it may be possible for you to collect the benefits s/he would have been entitled to. This right stems from a regulation in place under ERISA, the Employee Retirement Income Security Act of 1974. ERISA, which is a federal act, states that a pension plan must have something referred to as survivor’s benefits. These benefits mean that, should the holder of the pension plan die, the person’s spouse is allowed to receive fully vested benefits from the plan.
→ Read MoreFind the right lawyer for your legal issue.
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