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ESOP Trustee Qualifications First and foremost, the ESOP trustee must have a comprehensive understanding of the DOL's and the IRS's regulations on ESOPs, as well as knowledge of the Employee Retirement Income Security Act of 1974 (ERISA). A prudent and ethical fulfillment of these legal obligations is necessary.
ESOPs must follow rules about which employees participate in the plan and on what terms, while EOTs offer great flexibility. Employee ownership can also be set up without creating a trust. See our pages on equity compensation plans and on other kinds of employee ownership options, including direct share ownership.
ESOP shares are allocated to employees and may be held in an ESOP trust until the employee retires or leaves the company. The shares are then sold.
An ESOP is an employee benefit program under which employer stock is transferred to individual employee accounts within a tax-exempt trust.
How Do You Start an ESOP? To set up an ESOP, you'll have to establish a trust to buy your stock. Then, each year you'll make tax-deductible contributions of company shares, cash for the ESOP to buy company shares, or both. The ESOP trust will own the stock and allocate shares to individual employee's accounts.
An employee share ownership trust (ESOT) is a stock program that allows for the acquisition of a company's shares by its employees. An ESOT works through a profit-sharing scheme and a trust that acquires the shares. Employees and the company can benefit through tax incentives by using an ESOT.
After retirement, death, disability or other termination of service, the employee's account is distributed to him (or his beneficiary) in shares of stock or in cash equal to the fair market value of the stock allocated to his account.
How Do You Start an ESOP? To set up an ESOP, you'll have to establish a trust to buy your stock. Then, each year you'll make tax-deductible contributions of company shares, cash for the ESOP to buy company shares, or both. The ESOP trust will own the stock and allocate shares to individual employee's accounts.