How do I go about finding out if I have money in esop
I agree with everything stated above but also wanted to give you more information regarding ESOP's you may not be aware of. ESOP's are tied to a company's value and are typically valued once per year. You can rollover your ESOP into an IRA or withdraw it as a distribution but you may have to wait until the plan allows it, which is in most cases is once per year and you must request it in advance.
The company administering the ESOP is required to send an annual statement to all plan holders. There may not be a payroll deduction shown on your pay stub, as many companies make plan contributions on behalf of the employee, but that is certainly a good place to begin.
I agree with Greg as stated above, you can start by contacting the company's HR department to ask if you have a balance in the ESOP. You can also contact the service provider to ask if you have a vested balance in the ESOP. Your paystubs should reflect any payroll deductions that you had contributed to the ESOP and would be your first indicator that you may have a balance in that company's plan.
Hello Angela, Usually the easiest way would be to contact the employer you work for, and they should have that information. If you work for a larger company, possibly start in the HR department and hopefully someone can direct you to that information.
As a participant in the ESOP you are entitled to the same information that ERISA entitles to participants of other retirement plans. Specifically you are entitled to a “Summary Plan Description”, “Annual Statement” regarding your accounts status, a “Summary Annual Report”, Plan Documents and Trust Documents. However, in many cases, you, as the participant must take the initiative to request a copy of this information. Additionally, it is important for participants to be educated and informed on the information provided in these documents, as many of these documents can provide time sensitive material and/or financial status updates of your ESOP.