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Year End Tax Reporting

The holiday season is upon us, and for sponsors of qualified retirement plans that means it’s time to turn at least a small portion of our attention to a less joyous, but nonetheless important time: tax reporting season. For ESOPs and other retirement plans, tax reporting season consists of a six to eight week process of reporting benefit distributions and tax withholding activity to participants and the Internal Revenue Service. Read the Full Article Here Read more

ESOP Attorney — How to Hire One and Why It Matters

Employee stock ownership plans (ESOPs) provide flexible and efficient mechanisms for addressing the succession and estate planning challenges of business owners, building employee engagement and creating real economic value in companies and communities. However, business owners who wish to explore the formation of an ESOP for their companies are immediately confronted with their first challenge: Finding expert and independent advice. This is particularly the case in the area of ESOP formations, because of the highly specialized legal expertise required to ensure ... Read more

SES Advisors/Steiker, Greenapple & Fusco, P.C. Recognized for Ongoing Commitment to Employee Ownership Foundation

SES Advisors/Steiker, Greenapple & Fusco, P.C., a nationally recognized firm focusing on Employee Stock Ownership Plans (ESOPs) and other employee-centered ownership transition and compensation strategies, was recently awarded a certificate of appreciation from the Employee Ownership Foundation. "We are proud of our long and close association with the Employee Ownership Foundation, a group that is critical in the field of employee ownership," said James G. Steiker, Chairman and CEO of Steiker, Greenapple & Fusco, P.C. "We are honored to have the value ... Read more


A plan is top heavy when more than 60% of the account balances as of the “determination date” are attributable to “key” employees.  A top heavy test must be performed on an annual basis for all qualified plans to determine if a plan is top heavy.  Qualified plans are subject to minimum contribution and vesting requirements each year it is considered top heavy.  However, certain safe harbor 401(k) plans may not be subject to the top heavy rules if it meets ... Read more

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
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