Trusted Advisors
Which trusted adviser is hired by an ESOP Trustee?
Independent Appraiser
True or False, an ESOP is a defined contribution plan.
What is true?
ESOP is the acronym for this.
What is Employee Stock Ownership Plan?
What was the effective date of the Elipticon Wood Products, Inc. Employee Stock Ownership Plan?
1/1/2013
Which trusted adviser creates the ESOP Plan documents?
An ERISA Attorney
What is National Center for Employee Ownership?
Name the two eligibility requirements
1) Complete 12 months of service, 2) Work at least 1,000 hours
Who sets the actual share value each year?
The Plan Trustee
What is Summary Plan Description?
What must all eligible employees do in order to receive an allocation?
1) Be actively employed on the last day of the plan year (December 31st), 2) Work 1,000 hours
Who runs the day to day operations of the company?
The officers of the company
He introduced the ERISA Act.
Who is Senator Russell Long?
What two things must employee-owner achieve to become eligible for diversification?
Minimum age 55 and 10 years of participation in the plan.
Can you correctly name the following key advisers in your ESOP? Plan Trustee, Independent Appraiser, ERISA Attorney, and ESOP TPA.
Plan Trustee - Mickey Maier, Independent Appraiser - ESI Equity, ERISA Attorney - DeWitt Ross & Stevens, ESOP TPA - ESOP Partners
What is the Employee Retirement Income Security Act?
What are the five triggers to a distribution?
1) Retirement, 2) Death, 3) Disability, 4) Termination, and 5) Diversification