Legal Question in Employment Law in California

Profit Sharing RIGHTS

My employer has informed me that she is closing the office 11/30/06. We work in a small Corp-one owner and two employees. I've worked here 14 years (my friend has been here 7 yeears). We don't trust the owner. There is around $500,000 in the Profit sharing account. What are our rights? How is the money divided up?

So we need a lawyer? Thanks!


Asked on 11/01/06, 10:20 am

1 Answer from Attorneys
Terry A. Nelson Nelson & Lawless

Re: Profit Sharing RIGHTS

Your rights are to have the money continue to be held in the ERISA account until time to be distributed in accordance with the terms of the Plan. If you can show the money is being mishandled, you can bring legal action. If so, feel free to contact me for consultation.

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Answered on 11/09/06, 9:35 pm


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