AIT Laboratories

If you withdraw prior to retirement age, you'll get hit with a penalty and income tax.

 

Please read ALL of the paperwork that came with your ESOP statement. It provides details about your statement. If you are no longer an employee and have money coming to you then you will receive the money in a cash distribution minus all of the taxes and an additional 10% if you are younger than 59. OR, you can have the money rolled over into an existing IRA or employee retirement fund (if you have one with your current employer). YOU MUST fill out paperwork and return to AIT if you want to rollover your money no later than February 17th. The above does not apply if you are currently working at AIT. Read the documents carefully rather than believe everything you hear from current or former employees. READ THE PAPERWORK.

 

My paperwork reads:

When can I withdraw my special contribution from the ESOP? Your special contribution will be distributed from the ESOP to you at the same time your ESOP benefit is distributed to you. No special withdrawal rights or distribution rules apply to this contribution.

There is no mention of separate paperwork for IRA rollover, however, I will contact Phil to request the rollover information.

 

I am no longer an employee and was told none of the money can be dispersed until I was 60 yrs old. Even if I was willing to pay the penalty or the taxes?????

 

That came directly from AIT

 

After the cover page.

"Notice to Select Former Participantsin AIT Laboratories Employee Stock Ownership Plan"

what must I do to receive my distribution? Your total distribution will be paid from the ESOP in one single lump sum cash payment in February 2016.

Pretty clear to me!

 

Mine doesn't say anything like this. And per AIT, I cannot get my money until retirement age.

 

You probably have too much money in account! Screwed again by AIT!

 

Does anyone have anything concrete about what former employees can do to withdraw or rollover (401K, IRA, etc...) DOL settlement payouts? I have read other replies and saw nothing like that in the packet I received.

 

Question for those who left this great company before 2014: Are you getting lump sum payout?

 

So, while we are waiting to retire to get the money, how is this money invested and is the money at risk due to mismanagement by AIT? Is this money in a "separate" account or lumped in with other ESOP money? They did such a GREAT job protecting our interest last time, hopefully it will not require the help of the federal government to get my money when I retire!

 

While I agree with you, it's not your money. You have $0 of your own money invested in it.

 

You are correct. I put no money into that account. I think that many people were underpaid however, with the promise of a significant payout in the future. I recall a presentation to a large group showing the company's growth rate and other "projections". The rank and file were the suckers and the big boys got their payouts.

 

well, by the looks of the DOJ ruling those big boys had to pay back their payouts. Just waiting for the criminal to pay back his. The people who had any significant dollars in the ESOP wont see any of the money.

 

I had that same quote in mine. Anyone receive their payment yet? I'm still waiting...

 

I havent' received anything yet. I would anticipate sometime in March.