How to make sure that I receive all that is owed to me under a profit sharing plan?
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How to make sure that I receive all that is owed to me under a profit sharing plan?
My employer a physician is merging with a hospital healthcare network and I found out about the merge 2 months ago. My coworker knew from the very beginning. I was unsure about my future with the practice and found employment elsewhere. I gave my resignation letter with only 1 week notice because it was all the notice my new employer gave me. My new job is a municipal one. I have profit share with the doctor and worry that he will try to cheat me out of my percentage for last year and the first 4 months of tis year. What can I do to protect myself if he choose to give me a hard time about my profit share and my last week of work?
Asked on April 27, 2013 under Employment Labor Law, New York
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 10 years ago | Contributor
If he will not pay you the money due to you under the terms of the plan, you could sue him to enforce its terms (it is essentially a contract). Therefore, to prepare for that eventuality, you should make sure you document the terms of the plan and whatever benchmarks (work done, or billings, or etc.) that will determine whether you hit the plan and how much you are entitled to; you want to be in a position to prove the amount owed you in court, if necessary.
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