Profit Sharing

[Lulu70]

Hi, I work for a company that offers profit sharing.
Normally when a person quits or gets fired you will recieve your check when they decide, or have a designated time, like 6 months to a year before you recieve it.

If i was to leave the company can i request my profit sharing check earlier?
since i did work for it.
or do i have to just get it when they say i get it?

 

[cbg]

That is a matter of the profit sharing agreement, not of law.

You get your check at the time the agreement says you do, whenever that is. If that is NOT immediately upon your leaving, they don't have to give it to you then. (Most profit sharing agreements do not allow for immediate disbursal.) If the agreement does not specify that you can get it on request, the likelihood is that you have to wait until the rest of the employees get theirs. And frankly, that might be to your benefit. After all, they don't know yet what the profits are going to be yet, right?

 

[Lulu70]

Yea, I have heard of people requesting it two weeks after they have quit, but I dont like to take thier word for it and be s.o.l.
Yes it would benefit me to wait till the other got their, Im just trying to figure out how to pay for doctors and such with no paycheck.
Thanks so much for your help!

 

[Lulu70]

Our profit sharing is sorda like a 401k, we dont get any of it until we retire,quit, or get fired. We can take loans out on it, but we pay it back with a small % rate.
So its not a certain time of the year the company dispenses any of it to any employees..
if this make anything different. I just dont want to ask the question now to anyone at work cuz they will start the talk that im planning on quitting.
Im not, i like my ins. but if for somereason i am forced to i need to have a plan set.
we have already got this years statement, of what was put in. and upon quitting or leaving the company they would take out the remainder of what loans i have take out.

 

[cbg]

There still isn't any kind of law that dictates when they have to release your share of the profits. It's entirely up to the policy.

 

[Lulu70]

okay thanks for responding....