Legal Question in Business Law in Texas

401 k

The company I use to work for gives a bonus in February for the profits from the year before. The first 10% goes into the 401 k plan and the remainder (it varies year to year) is given in a check . If you lose your job before the checks come out you lose the check portion of your profit sharing even if you were there all year. I feel like since I was there when the profits were made I should get the check also. There are several people that this effects ( 2 other women in the department I was in) and I don't know how many thru out the company. I worked for Geico insurance and lost my job on January 8, 2007. For me this comes to around $2,000.00 as it is based on what your annual salary. For the others it could mean more. They say what they are doing is legal to me it seems dishonest. I feel they are stealing my money. If

we can open a class action suite I will contact any attorney that feels they can win for all of us. I do not know how may this may effect.


Asked on 1/30/07, 11:41 am

1 Answer from Attorneys
James Grissom Law Office of James P. Grissom

Re: 401 k

You are absolutely right. They are stealing money that rightfully belongs to you. But they are apparently following the rules that they set out for their own benefit. I doubt very seriously that you have a legal claim for which a remedy could possibly exist. You should know by now that insurance companies are devious and deceptive looking out for their own interests at the expense of anyone else. Sorry. Take good care of your 401k.

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Answered on 1/30/07, 12:18 pm


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