If I was laid off and given a payout from my profit sharing plan but my employer has just informed me that the payout was for too much, should I give it back?
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If I was laid off and given a payout from my profit sharing plan but my employer has just informed me that the payout was for too much, should I give it back?
Or can I just keep the overage? I was recently laid off from my company unexpectedly. We had a profit-sharing plan with this company where we accrued so much money over time for being employed there. I was just cut a check for the remainder of what I had in there. I received a call 3 days later saying that they gave me too much money. Now I had no idea how much I was suppose to be receiving and to my knowledge, based on the check I received I am entitled to this money.
Asked on October 10, 2012 under Employment Labor Law, Ohio
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
Of you were truly overpaid from your profit sharing plan than morally and under the laws of all states in this country you are obligated to return the overpayment back to your employer. I suggest that you sit down with your employer and discuss how the overpayment is calculated and get a copy of documentation as to how such is calculated. When done, you make your decision how you wish to resolve the matter.
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