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My friend had a "profit-sharing account" with newlywed foods in mid80 with $70,000 he wants me to tell him if any $ now?

I tried to find a formula to give him some idea of what possibly could be in there just a rough guess would be good because he thinks there's nothing or a lot less I should say do you have a formula that I could use or a guess based on their plan and rate of return that I could use to give him an idea. He is clueless & not even sure worth checking.

Dec 11, 2014 by El from Springdale, AR in  |  Flag
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2 votes

The Company is based in Chicago, Ill, according to the latest 5500 filing . If your friend wants to contact the plan administrator, he wil be able to tell him if he has any money in the plan . The plan administrator may also be able to tell your friend, how much of the profit sharing he is vested to (how much is his). Usually this depends on the number of years he had with the company! Good luck , Brenda Bagonis-Cooke.

Comment   |  Flag   |  Dec 11, 2014 from Warrington, PA

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Here's a link to the Brightscope.com page showing the most recent administrator, John Seely, and a phone number for his department, 773-292-7510.

http://www.brightscope.com/form-5500/basic-info/164612/Newly-Weds-Foods-Inc/167138/Newly-Weds-Foods-Inc-Profit-Sharing-And-Cash-Accumulation-Plan/2013/

Their most recent Form 5500 filing shows 61 former participants with account balances, so your friend may well be one of them. Good luck!

Comment   |  Flag   |  Jan 18, 2015 from Cedar Park, TX

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Larry R Frank Sr Level 20

There is really no need to guess. Has your friend kept the plan up to date with his address? Is the plan still in existence? Who manages the plan now? It is entirely possible that your friend's unclaimed balance was "escheated" to the state the plan was established in.

Although this blog post talks about inheritances, it is really about lost money, or property. http://blog.betterfinancialeducation.com/uncategorized/personal-finance-state-wants-to-connect-unclaimed-goods-with-their-rightful-owners-personal-finance-claudia-buck-the-sacramento-bee/ Please have them also check out the links in the comments section.

Why? Because the profit sharing is your friend's money, at least the portion that has vested for your friend (according to the plan's vesting schedule for those who participated in the plan). "This money is accounted for separately for each employee. [Employer] contributions to the plan can be subject to a vesting schedule (which provides that an employee's right to employer contributions becomes non-forfeitable only after a period of time). " according to http://www.dol.gov/ebsa/publications/profitsharing.html . More about profit sharing in general may be found on that DOL website.

So you see, your friend should search under their name for any funds that may have gone to the State if the plan closed and could not find your friend. If the plan was assumed by other companies, who has the assets for the plan now?

It does no good trying to guess what the value may be if your friend can't find the money. If your friend hasn't told the plan how to contact them, then the plan, or State, can't contact them to give them the benefits currently in the plan. Therefore, your friend must search for the assets - and if found, what the actual current value really is. If they can't be found, then estimating what benefits there might be now is a moot point.

Comment   |  Flag   |  Dec 11, 2014 from Roseville, CA

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