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Is there a way to get my ESOP money without waiting the 5 year period after being laid off from a flood?

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Hello, my former work had an esop plan where we were given free "stock" in the company. There was a stipulation in receiving the money if you went over a $25,000 set cap where you would receive payments each year. my job was flooded and i was laid off. I have $27,263.01 100% vested. I kind of need the money now as i have been laid off and am incuring costs i can not upkeep as my unemployment is messed up( im not getting it ). I was wondering if there was a way i could get the money without waiting the 5 year period before i actualy see any of my money. Like if i could wave anything over the $25,000 mark to be able to get it now? Any help, or light you are able to shine on this subject would be greatlly appriciated. Thanks

2 Attorney Answers

Your ESOP plan is almost certainly covered by ERISA. Pursuant to ERISA, the ESOP will be governed by a Plan Document ("PD") and a Summary Plan Description ("SPD"). The PD and SPD will dictate the terms under which you can access the funds in your ESOP account, and whether you can make early withdrawals. Under 29 USC § 1021-1024 (see link below), the Administrator of the ESOP (often the employer) is required to provide you with a copy of the PD and SPD within 30 days of any written request. You should request these two documents from your employer and/or Plan Administrator, then review the terms for distribution of funds from your account. Alternatively, you can consult an experienced ERISA attorney in your area.
Good luck.
You need to look at the plan rules to determine whether you have any options.

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