foresthills
New Member
We had a profit sharing plan and were getting annual statements until 1999. Beginning in 2000, the statements ceased. We asked our small business employer why we weren't getting statements, he told us not to worry, the money was there and we would get statements the following year. No further statements were received from 2000 to 2004. When one employee stated he was very concerned about the plan and asked if he had to get a lawyer to get the information, he was threatened with firing. Now the business has closed, and the employees, who still have not gotten statements, have been contacted by employer's lawyer telling them they must provide information within 30 days of what they want done with the proceeds of their profit sharing plans. The money in the account for each individual is about one/third of what their last statement indicated. Should employees hire a lawyer to find out if they've been defrauded, or should they contact the State Attorney's office as these are serious ERISA violations. Thank you.
