Expert: Allen - 3/1/2010

Question
I was terminated from a private dental practice. I was enrolled in profit sharing. On my last statement I had 3,088.78. Am I entitled to any of the money, if so how do I go about obtaining this? The office I worked @ is giving me the run around. thank you in advance for any info you can give me.

Answer
You may or may not be entitled to something. It all depends on what is known as the plan's vesting schedule and how long you worked for the company. For example the vesting schedule might say that if you earned credit for one year of service you get nothing, if you earned credit for two years you get 20% of what's in your account, if you earned credit for three years you get 40%, etc. The details are in the Plan Document and the Summary Plan Description which should have been given you when you first became eligible for the plan.

I suggest writing a letter to the Plan Administrator (it's probably the dental practice) requesting a statement of your account and distribution forms. If after a month you don't receive a response, contact the local office of the U.S. Dept. of Labor - Employee Benefits Security Administration. The address should be in the telephone directory. They should be able to help you.