House Resolution 1244, the Promotion and Expansion of Private Employee Ownership Act of 2011, was introduced by a bi-partisan group of key members of the House Ways and Means Committee. H.R. 1244 has four main objectives:
Permits owners of S stock to sell the stock to an ESOP and defer the capital gains tax on his/her gain if the proceeds are reinvested in the equities of U.S. operating corporations
Permits lenders to S corporations with 50% or more ESOP ownership to exclude ...
In the February 15 NCEO Employee Ownership Update, Loren Rodgers reports on plans by the Department of Labor's Employee Benefits Security Administration to re-propose a regulation that would make appraisers of ESOP plan transactions fiduciaries of the plan. In September 2011, the department withdrew its original proposal that would have made the appraisers of ESOP plans fiduciaries on an annual basis. The re-proposal focuses only on transaction appraisals.
To read the full press release, please visit the The NCEO's website.
On June 12, the Financial Accounting Standards Board (FASB) announced that it would "indefinitely defer certain disclosures about investments held by a nonpublic employee benefit plan in its plan sponsor's own nonpublic equity securities." FASB had originally proposed disclosures that would have required a description of the specific valuation methods used and the specific rates applied. Today's project updates for Fair Value Measurement Disclosures of Private Company Equity Securities by Employee Benefit Plans are now online.
FASB solicited feedback during May ...
Philadelphia, PA - May 10, 2013 - SES Advisors congratulates Paul Farrell, President and CEO of Modern Group, on his recent interview with the Philadelphia Business Journal.
Modern Group is a leading distributor of forklifts, warehouse products, construction equipment, generators and stand-by power generation, serving customers throughout New Jersey, Pennsylvania and Delaware since 1946. Paul joined the company in 2004 and was recently promoted to President and CEO. Modern Group became 100% employee-owned in 2003.
Read the CEO File interview or ...
The federal Defense of Marriage Act (DOMA) provided two things: Section 3 established a federal definition of marriage as a legal union between one man and one woman and Section 2 provided that no state shall be required to recognize as a marriage any relationship between individuals of the same sex even if it is treated as a marriage by another state and no state shall be required to grant rights based on such relationship.
The United States Supreme Court ruled that ...
SES Advisors congratulates Your Building Centers (YBC) and its employee owners on being recognized as the 2013 Entrepreneur of the Year by LBM Journal.
YBC is a 100% ESOP-owned Pennsylvania Company with 14 convenient locations, serving professional contractors and do-it-yourselfers with all of their building material needs. They are the largest employee owned lumber and building material supplier in Pennsylvania.
LBM Journal's Entrepreneur of the Year award isn't necessarily a new business. According to the Journal, "it describes a company that excels at identifying underserved - or ...
n May 17, 2013, Congressmen Brett S. Guthrie (R-KY), David Loebsack (D-IA), and Congresswoman Lynn Jenkins (R-KS) introduced H.R. 2041, a bill to modify the definition of fiduciary under the Employee Retirement Income Security Act of 1974 to make clear appraisers of employee stock ownership plans (ESOPs) are not ERISA fiduciaries.
H.R. 2041 is the companion bill to S. 273 introduced by Senator Kelly Ayotte in February 2013. This bill is a response to the Department of Labor
SG&F, SES Advisors' sister law firm, is an annual Bronze sponsor of the New England chapter of The ESOP Association.
On March 29, the chapter presents a one day conference focusing on Human Resources topics for ESOP companies. SG&F, will facilitate one of the luncheon roundtable discussions.
For more information and to regsiter for the event, please visit the New England chapter web page.