EBSA Head Lisa Gomez Talks Broadening Access to Retirement Benefits
The assistant Secretary of Labor for the Employee Benefits Security Administration spoke to PLANSPONSOR about ‘Schoolhouse Rock,’ disparities in retirement...
Tag: Employee Stock Ownership Plan
ESOP Creation Deterred by Lack of Valuation Rules, Report Says
A report from Matrix Global Advisors found that ESOPs need clear rules on valuation, which SECURE 2.0 requires the DOL...
Department of Labor Recovers $22.5M for ESOP
The plan’s former trustee, Reliance Trust Company, settled a complaint following an investigation.
DOL Lawsuit Alleges Participant Assets Locked by Fiduciaries
The department is seeking access to retirement assets owned by employees of a closed time-share-properties business in Houston.
Benefits |
S Corporation ESOPs Result in Lower Quit Rates
Plan sponsors whose workforce has access to Employee Stock Ownership Plans may accrue benefits of reduced worker turnover, research shows....
Trustee GreatBanc Trust, Company Executives Sued for Disputed ESOP Sale, Valuation
Former employees are suing GreatBanc Trust Co. and executives from Buckeye Corrugated Inc., a national packaging and display products manufacturer,...
Indiana Erector Set Manufacturer’s Former Chairman Sued by ESOP Participants
The plaintiffs allege fiduciary breaches occurred in a leveraged buyout after the company founder’s death.
Lawsuit Targets SaveATree Subsidiary ESOP, Trustees
The Arborwell Inc. employee stock ownership program began in 2017, but the plaintiffs allege the ESOP’s 2020 sale to CI...
Churchill Holdings ESOP Participants Sue
The lawsuit plaintiffs are ESOP participants holding vested shares of Churchill stock in their accounts who were employed at Churchill...
Hankey Group ESOP Sued in Attempt to Capitalize on COVID-19’s Economic Effects
A former ESOP participant claims fiduciaries created conditions forcing the sale of participants’ assets by attempting to take advantage of...
ESOP Lawsuit Follows Sale to Private Equity Firm
A New Jersey-based graphite manufacturer is alleged to have failed to operate the employee stock ownership plan in the best...
Appeals Court Upholds Decision in Boeing Stock-Drop Case
Judges reaffirm the role of third-party fiduciaries in stock plans.
2022 PLANSPONSOR Plan Sponsor of the Year Winners Announced
Awards were given in nine categories representing various plan types and sizes.
ESOP Sponsor Settles Allegations of ERISA Violations With the DOL
Mohawk Hospital Equipment will transfer $431,000 worth of stock to participants and pay a fine.
Court Denies Summary Judgment for Lawsuit Against ESOP Fiduciaries
The judge found that while the plaintiff might have released all his claims with a separation agreement, the lawsuit was...
Court Orders ESOP Fiduciary to Complete Fiduciary Training
This is in addition to $454,545 in restitution to the plan, paid by the company and its employee stock ownership...
ESOPs Boost Household Wealth
Workers between the ages of 18 and 34 who are employee-owners have 92% higher median household wealth relative to workers...
Court Says Participant Misunderstood Valuation for ESOP Purchase
A federal district court judge found that since shares for the ESOP were purchased with borrowed funds, the subsequent lower...
Court Orders Fiduciaries to Restore $6.5 Million to ESOP
The court found as a fiduciary to the ESOP, Evolve Bank failed to notice, question or investigate several red flags...
Workers in ESOPs Have Double the Retirement Savings
ESOP participants have an average retirement balance of $170,326, more than twice the $80,339 that other workers have saved