The Inside ESOP Fiduciary Handbook (2nd Edition)

9781932924930: The Inside ESOP Fiduciary Handbook (2nd Edition)

Inside fiduciaries for ESOPs have substantial legal responsibility and risk. Making sure an ESOP complies with the law and the plan document is the best insurance against costly legal problems, and at the same time it builds trust and credibility for employee ownership among plan participants. This book is meant to provide an overview of life as an inside ESOP fiduciary. It alerts the reader to the key issues, including ESOP basics, fiduciary issues, valuation, valuation scenarios fiduciaries may face, board-trustee interactions, and fiduciary insurance. Appendices provide sample DOL investigative questions, a sample trustee engagement letter, and a sample trust agreement. The second edition of this book adds a great deal of new material and is over twice as long as the first edition.

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About the Author:

Merri E. Ash is the vice president of sales at First Bankers Trust Services, which serves as the ESOP trustee for over 300 employee-owned companies and has over $3.5 billion dollars under management. Merri has been in the employee benefits field for over 37 years. She has extensive knowledge of ESOP companies and served as the benefits manager for the Jonathan Corporation of Norfolk, VA, an employee-owned ship repair company. Merri has written many articles on ESOP administration. She is a member and past chairperson of the Administrative Advisory Committee of the ESOP Association, a current board member of the ESOP Association, and a current board member of the Employee Ownership Foundation. Merri attended Temple University and received a degree in paralegal studies from Widener University in Chester, PA.

Jeff Gelburd is the vice president of Murray Risk Management and Insurance, an employee-owned company since 1995. Jeff is the program manager for an executive liability insurance program that offers fiduciary liability, directors and officers liability, employment practices liability, and crime insurance to ESOP companies. Jeff has been offering this insurance to ESOPs for over 20 years. The program is endorsed by the ESOP Association in Washington, DC.

Scott Rodrick is the director of publishing and information technology at the National Center for Employee Ownership (NCEO). He designed and created the NCEO's present line of publications and is the author or coauthor of several books himself, including the best-selling An Introduction to ESOPs (12th ed. 2011). Since 1994, he has created and maintained the NCEO's presence on the Internet. He is an attorney and served at the U.S. Department of Labor as an attorney-advisor before coming to the NCEO.

Corey Rosen is the NCEO's former executive director and senior staff member. He cofounded the NCEO in 1981 after working for five years as a professional staff member in the U.S. Senate, where he helped draft legislation on employee ownership plans. Before that, he taught political science at Ripon College. He is the author or coauthor of over 100 articles and many books on employee ownership, and a coauthor (with John Case and Martin Staubus) of Equity: Why Employee Ownership Is Good for Business (Harvard Business School Press, 2005). He has lectured on employee ownership on six continents, has appeared frequently on CNN, PBS, NPR, MSNBC, and other network programs, and is regularly quoted in the Wall Street Journal, the New York Times, BusinessWeek, and other leading publications. He holds a Ph.D. in political science from Cornell University.

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