Expert: Allen - 7/26/2010

Question
My boss started a Profit Sharing Keogh Account with a Salary Deferred Option on me about 5 years ago but after 2 years he quit contributing and I never contributed anything to it either (mainly because I didn't know much about it). But I was told by a friend that if I quit or get fired before it matures?/vested? then I won't get any of it because I never contributed!? Could you help explain. Is this true?

Answer
Ask your boss for a statement of your account. It will show the value of your account and the vesting percentage. If he can not or will not provide one, you can go to the local office of the U.S. Dept. of Labor - Employee Benefit Security Administration. They will be able to help you and can impose substantial penalties for not providing a statement.