Expert: Shirley McAllister, CPP, PHR - 9/24/2010

Question
QUESTION: In moving recently, I found an old profit sharing plan certificate from an employer from 1999 saying that my account balance as of Dec. 31, 1999 is $748, am I still entitled to that money and if so how do I go about getting it?

ANSWER: It would depend on your plan's document and how it is written. Some plans charge a fee for leaving your money in the plan and it can eat away all the funds if left in for an exteneded period of time.

Some plans may still honor this, however, that is 11 years ago.

What you need to do is call the number that is shown on your certificate or the company that is shown and ask them about it. If they are still holding the funds than you may be able to retrieve them. It is entirely up to how thier plan is written, each plan is written a little differently.

Shirley

---------- FOLLOW-UP ----------

QUESTION: The document is in a certificate form with the totals handwritten in. It lists the following:
-At October 1, 1998, your accumulated balance in the Fund was $0
-Your Share of the investment income since October 1, 1998 is $0
-Your share of contribution for the year end December 31, 1999 is $748
-Your account balance at December 31, 1999 is $748
-Your vested interest at December 31, 1999 is 0%
It is signed by the owner.
This was a smaller accounting firm in California. I now live in Arkansas. I am little worried about calling to ask for this being that I haven't talked to them in so long, but wanted to have some good insight before I attempted to inquire.
Thanks so much.  

Answer
That helps a tremendous amount. Do not bother to call them at all.

It says your vested interest at December 31st, 1999 is o%. That means that you have 0 amount vested.

Companies have a time period that you must work before you are vested in any type of contribution or profit sharing. In some companies it is at graduated levels. You have to work at our company 4 years to be 100% vested in 401K.

If you are zero vested you are not eligible for the amounts listed in the certificate.

Shirley