Legal Question in Employment Law in Oklahoma

esop plans

i quit a company on 12-2-1997.i was 100% vested and waited my 5 years to start recieving my stock pension.it is supposed to be paid in 5 equal payments over a 5-year period.the stocks are private and the company must buy them back with a cash distribution or roll-over.the fiscal year ends every sept. 30th of each year and the stock certificates and distributions are supposed to be paid in a timely manner.every year i have to write the plan administrator to get my check.i recieve my paperwork in march and almost always my check comes within a week after.however, the company is in bad shape financially,bills not being paid,health insurance premiums lapsing,etc... i know this for a fact as my wife still works for this company.my question is who do i contact to get this straightened out.the dept. of labor is suppose to watchdog these esop plans,but that isnt happening as its been top-heavy from the start.the management pretty much does as they please.no employee has recieved their stock certificate for 2005 yet.they are supposed to be delivered

by oct.30.what branch of the labor board do i need to contact and would i have a legal option against them.thanks.hope you can help dave lee


Asked on 4/13/06, 8:23 am

2 Answers from Attorneys
David Anderson Anderson Business Law LLC

Re: esop plans

You need legal representation, and have an attorney review your plan documents and write a letter to the Plan Administrator referenced in the Plan.

Call or e-mail for further assistance.

Read more
Answered on 4/13/06, 9:40 am
Blair Brininger Blair Brininger

Re: esop plans

DOL.gov should have the listing for the Employee Benefits Security Administration (EBSA) may have jurisdiction. If your goal is to get your money you may want to consult with an ERISA lawyer to see if an injunction (ordering payment of the obigations) is order.

If your spouse has heatlh insurance with the company and it is not paying the premiums then you may want to look at alternative coverage. Healthy or not the possibility of a health emergency always exists.

Be sure you take any public action you need to consider any actions the company may take against your spouse and how those actions may limit your ability to be informed.

Read more
Answered on 4/13/06, 9:49 am


Related Questions & Answers

More Labor and Employment Law questions and answers in Oklahoma