ACRTinc ESOP nightmare

[1984 Saw]

After 15 years of great work for them they lost a contract. So after the 15 years of good work I am out. Now we mostly know that your ESOP employee stock ownership plan would be given out after a full year. Or will it, no contact, no calls, no mail no contact of any kind now we wait and wonder when, no info, nothing. I did love this Job and I am still teaching tree work to the young men and woman of Job Corps. But now I work for a new company Career Development Inc. Anyone who has worked and left the employment know just how long it may take for them to settle up for this? And if you are working for the now you may want to ask as well so can plan f or this looking wait in the Dark. I still think that they can be a wonderful place to work, best job I have ever had outside of climbing every day. But than they teach and don't have a bunch of climbers.

 

[blades]

Write and specifically ask what options you have. Also whether or not you are vested. You may or may not have an option to cash out, or possible convert to something else. Not if you are not vested generally all is lost- it sucks but that is the game. Lost $350k to one of these, company bought by another everything reset=screwed.

 

[blades]

Should be Note: if your....... won't let me edit

 

[1984 Saw]

OH well this was a Busy. Good luck to all ACRT employees come time to leave. Thanks to blades for responding
Thanks blades

 

[1984 Saw]

Well it has taken a full 19 Months but at long last they did pay out on the ESOP plan.
They are still existing employees that it will take a year after termination of their employment with ACRTinc. But they did at long last make good on this plan. I guess the added 7 months of interest from the funds go's to who?? To all ACRTinc. Employees Plan Ahead you are going to get it but be prepared to wait

 

[blades]

I am glad that you at least got the plus side of the deal, I am sure there are others that got the negative side. I have seen this happen all too often since the late seventies. Just remember there is no financial institution, insurance company, health care organization, government agency , automotive dealer or large corporate employer that is your friend.

 

[1984 Saw]

I do hate to say it but we do not have enough regulation it how ESOP's are controlled. No time limits , No control as to when and how it is played out, back. No matter I am all but ready to hang up my spurs and saddle fter 36 years in trees. It is time to go play