I left my previous job back in July 2022. I work as a consultant and I receive a bonus based on hours billed etc..
We receive our bonuses during our annual reviews in December. Up until last year, it was a cash bonus, but last year they changed it to an employee profit sharing account. Their reasoning was that they didn't like how much of the bonus was taxed out and felt this was a better use of the money for us. They explained that x amount of money was deposited into an account that would grow based on the company's performance, and we would have access to the account after the first quarter (they were in the process of migrating to a new 401k broker)
Fast forward to July, and we still haven't received any account information or details regarding how much the account has grown or the balance. The only proof I have that this account even exists is word of mouth and a supporting email (which I saved).
I ended up finding a new job and put in my notice, I explained that I want to cash out the profit sharing account so I can roll it into my new 401k account at my new job. I get nothing but excuses and delays. I even started calling the 401k provider to see if I can do it myself, but I hit a roadblock at every turn.
It's a small company run by a husband and wife. The husband handles all of the HR stuff, and he's my boss. He has to approve access to any account, and of course he hasn't.
I decided that the account probably never existed and the company was probably in worse shape than I thought, and they created these “Profit Sharing” accounts as a way to hedge against not giving any bonus at all.
I've followed up a bunch of times since, each time I get no answer, or a terse 3 or 4 word response.
My question is, do I have any legal recourse? (probably not) I did save the email, but that's the only proof that I have.