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[BLOG SERIES - 4 OF 6] ESOPs: A Solution for The Great Resignation

Posted by Marc S. Schechter | Jan 31, 2022 | 0 Comments

[BLOG SERIES] ESOPs: A Solution for The Great Resignation - Week 4 of 6: Why are ESOPs an effective tool in addressing high turnover? An Employee Stock Ownership Plan (ESOP) provides a way to reward employees for their hard work by allowing them to share in the growth in value of the company. This gives employees an incentive to see the company thrive and continue to grow. With a long-term interest in the business, it also encourages employees to stay with the company, saving the company costs associated with high turnover rates.

[BLOG SERIES - 2 OF 6] ESOPs: A Solution for The Great Resignation

Posted by Marc S. Schechter | Jan 18, 2022 | 0 Comments

[BLOG SERIES] ESOPs: A Solution for The Great Resignation - Week 2 of 6: What are the benefits of an ESOP? One of the benefits of an ESOP is the understanding that employees who have an ownership interest in the company will be encouraged to do what is best for the company's financial interest. As shareholders in the company through participation in the ESOP, the employee has a financial incentive to see the company succeed...

2022 ESOP Legislation Update: History Made in Federal Government First Set Aside Program for Wholly Owned ESOP Contractors

Posted by Marc S. Schechter | Jan 12, 2022 | 0 Comments

On December 27, 2021, the National Defense Authorization Action (NDAA) for Fiscal Year 2022 was signed into law and made ESOP history. This is the first ever set aside program for federal government contractors who are 100% ESOP-owned to be eligible for noncompete follow-on contracts, subject to satisfactory performance. The pilot program is effective January 1, 2022, for a duration of five years.

[BLOG SERIES - 1 OF 6] ESOPs: A Solution for The Great Resignation

Posted by Marc S. Schechter | Jan 10, 2022 | 0 Comments

[BLOG SERIES] ESOPs: A Solution for The Great Resignation - Week 1 of 6: What is an ESOP? An Employee Stock Ownership Plan (ESOP) is a qualified retirement plan that invests primarily in employer securities. ESOPs allow employees to share in ownership of their employer. Eligible employees are provided stock ownership as a benefit of working for the company. There are many benefits to providing an ESOP to employees...

Reducing High Turnover in Trucking with ESOPs

Posted by Marc S. Schechter | Oct 13, 2021 | 0 Comments

Employee turnover is one of the most challenging issues facing many industries in the U.S. With so much spent on hiring, training, on-boarding, and getting workers up to speed, a short turnover period may cost the company more than the worker added. Many employers are struggling to address the issue, especially in times where the unemployment rate remains so low.  The trucking industry has been dealing with high turnover rates for years. Some trucking and transportation companies are learning from other employee-owned businesses and have seen results in transitioning the company to an employee-ownership model, including Employee Stock Ownership Plans (ESOPs). ESOPs often have much higher retention rates, in addition to the other benefits of giving workers a financial interest in their future with the company.  

SERPs to Recruit and Retain Executives

Posted by Paul D. Woodard | Sep 23, 2021 | 0 Comments

Supplemental Executive Retirement Plans (SERPs) can be used as a retention tool for executives. SERPs and other nonqualified deferred compensation plans (NQDCPs) incentivize executives to stay with the business or organization, while providing flexible scheduling and payment options that qualifie...

Founding Partner Marc Schechter to Speak on The Decade of the ESOP: Economic Recovery, Racial Justice and Equity at National Center for Employee Ownership (NCEO) Fall ESOP Forum

Posted by Marc S. Schechter | Sep 14, 2021 | 0 Comments

Join Founding Partner, Marc Schechter, on September 22, 2021, at the National Center for Employee Ownership (NCEO) Fall ESOP Forum, as he shares his insight on The Decade of the ESOP: Economic Recovery, Racial Justice and Equity. The NCEO Fall ESOP Forum provides information, ideas, and advice yo...

Cost-of-Living Adjusted Limits for 2021

Posted by Paul D. Woodard | Nov 09, 2020 | 0 Comments

Contributing Author: Kristine Custodio Suero, ACP, Senior Paralegal The Internal Revenue Service announced the Cost-of-Living Adjusted Limits for 2021, which will be affecting dollar limitations for qualified pension plans for the 2021 tax year. Section 415 of the Internal Revenue Code provides ...

EBSA Enforcement Statistics from Fiscal Year 2020

Posted by Corey F. Schechter | Oct 27, 2020 | 0 Comments

The Employee Benefits Security Administration (EBSA) enforces ERISA laws and regulations, including conducting civil and criminal investigations. EBSA investigations often result in recovering money from enforcement actions, voluntary fiduciary correction programs, abandoned plan programs, and in...

Pro Bono Week: October 25-31, 2020

Posted by Paul D. Woodard | Oct 26, 2020 | 0 Comments

Did you know that October 25-31, 2020 is National Pro Bono Week? As an At-large Board member of the San Diego County Bar Association Community Service Committee and Chair for the nonprofit organization Wills for Heroes, San Diego Chapter, it is very rewarding for me to provide free wills and esta...

Founding Partner Marc Schechter to Speak on the State of ESOPs: The Next 10 Years at National Center for Employee Ownership (NCEO) Fall ESOP Forum

Posted by Marc S. Schechter | Jun 23, 2020 | 0 Comments

Join Founding Partner, Marc Schechter, on September 16, 2020, at the National Center for Employee Ownership (NCEO) ESOP Fall Forum, as he shares his insight on The State of ESOPs: The Next 10 Years. Butterfield Schechter LLP is also a proud sponsor of this event. The NCEO ESOP Fall Forum provide...

ESOPs Included in Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) for Economic Injury Disaster Loans (EIDLs)

Posted by Marc S. Schechter | Apr 01, 2020 | 0 Comments

ESOPs are included in Section 1110 of Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) for economic injury disaster loans (EIDLs) of $10,000. Click here to read full text of the CARES Act. For more information on how to apply for the EIDL through the Small Business Administration ...

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