Confusion About a Profit-Sharing Account
Q: Our small manufacturing company has a $1 million-plus employee profit-sharing account deposited with UBS Financial Services (UBS). We recently received a letter stating that, based on the current illiquidity and volatility of the market, plan-level withdrawals will be put on a 12-month hold. I have 25 employees with questions about their accounts, but I have not gotten a clear explanation. Can you explain if this is acceptable practice for a trust company?
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