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Vesting is simple, right?

Since the end of the year is nearing and most Plan Administration Reports and Participant Statements have been distributed, you may be getting questions from participants regarding how much they “own” of their account and how this calculation is determined.  What percentage of their total account a participant will receive when they terminate is determined by the vesting rules contained in your plan document.  This article reviews the requirements for employees to receive credit for years of service related to vesting ... Read more

Required Minimum Distributions (RMDs)

As we enter the 4th quarter of 2017 and approach year end you will want to make sure all necessary payments to participants are made prior to December 31st.  One such payment is the Required Minimum Distribution (RMD). IRC § 401(a)(9) provides that plan participants age 70 ½ must commence payments from the Plan.  This regulation applies to all qualified retirement plans including ESOPs, 401(k) Plans, Profit Sharing Plans, Pension Plans and Individual Retirement Accounts (IRAs). Click here to read the full article. Read more

How to Review your Annual ESOP Administration Report

It is important to review your administration report before participant statements and distribution forms are sent out. This is the primary reason that we provide a draft report for the Plan Administrator to approve. It can seem like a daunting task when you receive a 50+ page report from SES Advisors. So below are some tips for items to check when reviewing the report. Although it may seem counterintuitive, this article will not follow your report from page one to the end. It is best to ... Read more

Steiker, Greenapple & Fusco P.C. hires two new attorneys

Steiker, Greenapple & Fusco, P.C., a nationally recognized law firm focusing on Employee Stock Ownership Plans (ESOPs), is proud to announce the hires of Bart R. McIlonie and Sean-Tamba Matthew, two attorneys who have joined the firm. "Bart brings terrific ESOP experience to SG&F and Sean is an excellent young lawyer with a commitment to social impact. Both of them will be important parts of our growing team," said James G. Steiker, Chairman and CEO of Steiker, Greenapple & Fusco, P.C. "We're ... Read more

How Plan Design Affects Repurchase Liability

When an ESOP is implemented, it is common for the distribution provisions in the plan document to follow the ESOP specific distribution rules defined by Section 409(o) of the Internal Revenue Code. This section of the code specifies the outer limits within which a plan must make distributions to participants. Click here to download the PDF Read more

Can SES do more for you?

As many of you are wrapping up another year’s ESOP administration (or soon to be), you may be breathing a sigh of relief that you made it through another administration cycle. Because ESOPs are complicated and unique, they can be particularly challenging to manage. While you have outsourced the recordkeeping to SES, there are other ways we can partner with you to ease your administrative responsibilities. Regardless of whether you are a new ESOP, or have been around awhile, consider the ... Read more

How to handle rehired employees

When a Plan participant who had previously terminated employment is rehired, questions inevitably arise. When is an employee eligible to actively participate again? How is their vesting affected? What if they were receiving installment distributions? While the Plan document is the ultimate source for answering these questions, this article will provide an overview of Federal regulations governing what a Plan is allowed to do. Eligibility When an employee is re-employed, the Plan document must be reviewed to determine whether the document has a ... Read more

NCC Automated Systems Partners With SES Advisors To Complete Employee Stock Ownership Plan (ESOP)

NCC Automated Systems, an integrator and manufacturer in the food packaging, and ophthalmic automation industries, announced today that the company has formed an ESOP (Employee Stock Ownership Plan). In the transaction, ownership sold a significant interest to a newly created Employee Stock Ownership Trust, allowing current and future employees to gain a beneficial ownership interest in the Company without any personal cash investment. Read the full article here. Read more

ESOP Diversification: What is it and what is required?

What is Diversification? Section 401(a)(28)(B) of the Internal Revenue Code creates a requirement for ESOPs holding employer securities to allow for the diversification of a participant’s stock account once they become a Qualified Participant. Generally, a Qualified Participant is defined as a participant who has reached age 55 and completed 10 years of participation in the Plan. Satisfying these requirements triggers the beginning of the Qualified Election Period, which is generally defined as the 6-year period beginning with the first day of ... Read more

What Do You Mean By “Year”?

When someone says “Happy New Year” or “have a good year”, most of us do not stop to think what that means. We automatically think 365 days, or the year 2017. But what does “year” mean in the ESOP world? As with most things involving an ESOP, one word can have many diverse meanings. Here is a summary of the most common uses of the word “year” when dealing with ESOP plan administration: • Plan Year: This is defined in the ESOP ... Read more
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