What kind of documentation should I have gotten from my employer for the profit sharing plan? | 401k Questions

Question

Asked 9/29/2009

What kind of documentation should I have gotten from my employer for the profit sharing plan?

A while back my employer asked me to (more like coerced me into) backing out of the 401K plan, and entering into their profit sharing plan. Various reasons were given for this, and all turned out to be provably false.

Anyway, I have never received one shred of paperwork, or any money out of the profit sharing plan. What should I ask fo to determine if the plan really existed, and if the owners took a payment, but excluded me.

The regular 401K is no longer offered... would this effect to profit sharing plan?

Somebody in accounting told me one of the owners was saying that she'd like to make sure I don't get anything from it... so I am really concerned that there may be some fraud going on.

(Yes, I know its a hostile workplace... but my area leads the state unemployment at the moment... so I have to stay for now, and hope the multiple unrelated lawsuits over unpaid overtime, wrongful dismissal, travel time, and racial discrimination don't bankrupt this small company before I can get a job elsewhere).

Answers

Answer 1/1 - Submitted 9/29/2009

You should have received a 1099-R showing that the money was rolled over, code 2 in box 7.

You should also have received a report from the firm which held your 401K showing which funds you owned, the value of the funds at the beginning of the year, the gain or loss of those funds, and the ending balance prior to transferring the money out of the fund.

By law the 401K must be held by an independent organization. You might want to contact the attorney general of your state giving the facts and asking for an investigation. Sign the letter with a fictitious name just to start an investigation..

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