BASIC ESOP ADMINISTRATION - The ESOP Association
BASIC ESOP ADMINISTRATION - The ESOP Association
BASIC ESOP ADMINISTRATION - The ESOP Association
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John Burgess - Seyfarth Shaw LLPJonathan Markham – Blue Ridge <strong>ESOP</strong> AssociatesWhat is an <strong>ESOP</strong>?• An <strong>ESOP</strong> is a tax-qualified, defined contributionemployee benefit plan.• <strong>ESOP</strong>s are required to invest primarily in employersecurities.• <strong>ESOP</strong>s are unique in the fact that they can borrowmoney in order to purchase employer securities• <strong>ESOP</strong>s are governed by the Internal Revenue Codeand are subject to Employee Retirement IncomeSecurity Act (ERISA) of 1974.• <strong>ESOP</strong>s are required to have a written plandocument.
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