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Employee stock ownership plans (ESOPs) have been used as a business succession strategy by employers across many industries. In the cannabis industry, ESOPs have come and gone and come again as a trendy topic promising to fix...more
ESOPs can pay fair market value for the stock: Stock purchased by an ESOP must be appraised by an independent third party expert working with a trustee for the ESOP who must also be independent from the seller. The ESOP is...more
An analysis by the Employee Benefit Research Institute (EBRI) shows that 2017 was a banner for 401(k) plan account balance. The analysis found that the average account balance for younger (25-34), less tenured (1-4 years)...more
What Private Equity Funds Should Know About ERISA: Basics of ERISA Coverage - The Employee Retirement Income Security Act of 1974, as amended (ERISA) imposes numerous duties on fiduciaries holding employee benefit...more
Recently, a federal district court in Georgia, on remand from an appellate court, dismissed a suit brought by participants of the SunTrust Bank 401(k) savings plan alleging fiduciary breaches based on defendants’ decision to...more