Quick! Raise your hand if you remember the SECURE Act (Setting Every Community Up for Retirement Enhancement Act of 2019). It was signed into law on December 20, 2019 (for those keeping score, it passed the House with a vote of ...
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Resources
How to Use a PPP Loan to Refinance ESOP Loans
Now that Congress and President Biden have extended the PPP loan application deadline to May 31, 2021, there is still time for ESOP-owned companies to consider using a PPP loan to refinance their ESOP loan. Depending on the size of the ESOP loan, a ...
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Is an ESOP Right for Your Business?
An ESOP can be a good option for business owners who want to transfer the ownership of their company over time. These are the top four questions we receive from clients who are starting to investigate an ESOP.
How do we find out if an ESOP is a ...
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M&A Benefits – How to Avoid an Employee Benefits Train Wreck in Your Next Deal
If the closing date is approaching on the purchase/sale of your or your client's company and you still don't have a plan for transitioning employee benefits, the result can be a train wreck. The seller can end up with liabilities they didn't ...
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ESOP Feasibility vs. Suitability
Hello Mr. Long… We're thinking about doing an ESOP and heard that we need a feasibility study. Do you do that? That's the way these conversations usually start. The client is thinking about an ESOP and may have been told that the first thing they ...
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How An ESOP Program Is Put Together – Some Assembly Required
Updated February 8, 2021
Unlike the typical 401(k) plan, ESOPs aren't an "off-the-shelf" retirement plan.
Until recently, each ESOP plan had to be individually designed to serve a specific set of purposes. The IRS recently allowed ESOP plan ...
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Confused by the terminology? Check our Glossary of Terms