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I have a profit sharing account with wescott steel Inc.I have been employed there for 21 years and let go.

Waiting for awhile for disbursement.help please

Feb 10, 2016 by Darren in  |  Flag
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Chris Schiffer Level 14

Darren, Did you request a distribution? Distributions from a Profit Sharing are not automatically initiated when employees leave a company. You need to request a distribution from the Plan through the plan Administrator. You should contact Westcott's HR department to get the contact information for the plan administrator.

Depending on the type of plan and your age, there are tax implications to taking a distribution and possible penalties if you do not roll over the distribution.

2 Comments   |  Flag   |  Feb 14, 2016 from BASKING RIDGE, NJ
David M. Anthony, CFP®, RMA®

Hi Darren, sorry to hear about your job as Wescott. Talk to your HR department and ask if they are giving you any type of a lump sum severance, or if you can "roll over" your profit sharing to an rollover IRA account. This way you can take control of your money, and reallocate the monies to a investment plan that fits your needs.

Flag |  Feb 24, 2016
David M. Anthony, CFP®, RMA®

How Old are you? Are you old enough to get Medicare, or what will you do for health care? Are you eligible to apply for Social Security?

Flag |  Feb 24, 2016

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