ESOPs (BenefitsLink.com)Headlines re ESOPs, gathered by BenefitsLink.comEmployee Ownership Update for December 28, 2007- (Found June 29, 2008 ) NCEO Executive Director Corey Rosen discusses Sam Zell's assumption of control at the Tribune Company, now owned by an ESOP; IRS Notice 2007-100, which provides transition relief under the Section 409A deferred compensation rules; a growing trend toward employee ownership in the construction industry; and the top 10 employee ownership stories of 2007, such as the decline in employees holding stock options. (National Center for Employee Ownership)http://www.nceo.org/columns/cr244.html Text of Proposed IRS Regs on Diversification Requirements for DC Plans Using Employer Securities (PDF)- (Found June 29, 2008 ) 8 pages. Excerpt: "This document contains proposed regulations under section 401(a)(35) . . . . Under section 401(a)(35)(B), each individual must have the right to direct the plan to divest employer securities allocated to the individual's account that are attributable to employee contributions or elective deferrals and to reinvest an equivalent amount in other investment options meeting the requirements of section 401(a)(35)(D)." (Internal Revenue Service)http://benefitslink.com/taxregs/E7-25533.pdf Complaint Need Not Identify Specific Funds for Imposition of Constructive Trust- (Found June 29, 2008 ) Excerpt: "In this dispute over ESOP funds, an interesting issue arose that may have broader applicability in the subrogation and reimbursement context. To impose a constructive trust over funds pursuant to ERISA Section 502(a)(3), Great West Life & Annuity Ins. Co., 534 U.S. 204, 213-14 (2002) requires that the particular funds or property upon which a constructive trust is to be imposed must be identified and traceable. But must the complaint identify the traceable funds, or may that..http://healthplanlaw.com/?p=507 Current ESOP Participant Can Represent Former Participants in Suit- (Found June 29, 2008 ) Excerpt: "The U.S. District Court for the Eastern District of California has determined that a current participant in an Employee Stock Ownership Plan (ESOP) can adequately represent a class that includes former, cashed-out participants in a fiduciary breach suit." (PLANSPONSOR.com; free registration required)http://www.plansponsor.com/pi_type10/?RECORD_ID=39974 Employee Ownership Update for January 15, 2008- (Found June 29, 2008 ) NCEO Executive Director Corey Rosen discusses new guidance on incentive stock option and employee stock purchase plan reporting; proposed French legislation to democratize stock options; developments in stock drop cases in ESOPs and 401(k) plans; the William McGuire case; and submissions for the Innovations Award. (National Center for Employee Ownership)http://www.nceo.org/columns/cr245.html Employee Ownership Update for January 29, 2008- (Found June 29, 2008 ) NCEO Executive Director Corey Rosen discusses a court decision allowing General Mills to take a deduction where it made a redemptive dividend to pay ESOP distributions; a fascinating account of employee ownership at Proctor & Gamble early in the 20th century; and the Certified Equity Professional Institute's extension of its risks and controls project to restricted stock awards and restricted stock units. (National Center for Employee Ownership)http://www.nceo.org/columns/cr246.html Guidance Overview ESOP Update: Deduction Disallowance Under Section 267&894; Section 409(p) Letter Ruling&894; and King & Prince Seafood Decision (PDF- (Found June 29, 2008 ) 5 pages. This update covers the following: IRS Emerging Issue: S Corporation Accrued Expenses to ESOP Participants a Potential Pitfall for the Less Than 100% S Corporation ESOP; IRS Issues First Private Letter Ruling on Section 409(p) of the Code; and, U.S. District Court Opinion Rendered in King & Prince Seafood Corporation ESOP Litigation. (Morgan, Lewis & Bockius LLP)http://www.morganlewis.com/pubs/EB-ESOP_Section267_409(p)_King&Prince_LF_27mar08.pdf Employee Ownership Update for March 28, 2008- (Found June 29, 2008 ) NCEO Executive Director Corey Rosen discusses Bear Stearns and employee ownership, why sharing ownership could be more painful to owners then valuable to participants, how to nominate your company for the Fortune 100 Best Companies to Work For list, and the Great Game of Business conference. (National Center for Employee Ownership)http://www.nceo.org/columns/cr250.html Annual Economic Survey of Employee Ownership in European Countries - Year 2007- (Found June 29, 2008 ) Excerpt: "The full Annual Economic Survey was published on May 23, 2008. It is available both in electronic or paper version." (European Federation of Employee Share Ownership)http://www.efesonline.org/Annual%20Economic%20Survey/2007/Presentation.htm The European Employee Ownership Top 100 in 2007- (Found June 29, 2008 ) Excerpt: "The European Employee Ownership TOP 100 is designed with respect to two rankings of Europe's largest companies, considering employee ownership." (European Federation of Employee Share Ownership)http://www.efesonline.org/TOP%20100/TOP%202007/THE%20EUROPEAN%20EMPLOYEE%20OWNERSHIP%20TOP... |