Even though ESOPs were not immune to impacts of the recent recession, leaders of ESOP companies still feel strongly that their company is better off than their non-ESOP counterparts, according to a new survey.
Approximately 90% of ESOP Association members surveyed reported having retirement savings plans in addition to the ESOP (employee stock ownership plan) including 401(k) plans, pension plans, stock purchase plans, and stock options.
A federal court judge has given preliminary approval to a $7.25-million settlement of an Employee Retirement Income Security Act (ERISA) action against the Federal National Mortgage Association (Fannie Mae).
Equity Administration Solutions, Inc. (EASi) has launched an equity compensation plan exercise wizard with a design that anticipates the different needs that a participant, a financial adviser, and an administrator have when they interact with real-time transaction information.
The trustee of an employee stock ownership plan (ESOP) acted in good faith when it determined the fair market value of company stock, so it did not violate prohibited transaction rules, a judge has determined.
A federal court has dismissed most claims against State Street Corporation and its retirement plan fiduciaries regarding the offering of company stock as an investment in its employee stock ownership plan.
The U.S. Department of Labor has obtained consent judgments providing
for restitution of more than $12 million by plan officials and service
providers involved with the employee stock ownership plan sponsored by
The Employee Ownership Holding Co. of Stockton, California, and Fife,
The U.S. Department of Labor has sued a trustee of the Westra
Construction Inc. Employee Stock Ownership Plan (ESOP) for alleged
violations of the Employee Retirement Income Security Act (ERISA) that
resulted in losses to the ESOP.
A federal court has moved forward claims that fiduciaries for the
Tribune Company Employee Stock Ownership Plan (ESOP) breached their
duty to the plan when real estate investor Sam Zell took the company
private in an $8.3 billion stock buyback two years ago.
A federal court has ruled that a former employee stock ownership plan
(ESOP) participant can pursue his claim that plan fiduciaries breached
their duties by failing to tell him financial data that potentially
could have resulted in a higher distribution.
The U.S. Department of Labor is suing the trustees and other
fiduciaries of the employee stock ownership plans and eligible
individual account plans of DirecTECH Holding Co. Inc. for allegedly
using plan assets to purchase company stock at inflated prices.
In a memo to Tribune Co. employees announcing a new retirement plan,
Chief Administrative Officer Gerry Spector said the company's employee
stock ownership plan (ESOP) likely will be terminated when the
Chicago-based media conglomerate emerges from bankruptcy.
The U.S. District Court for the Southern District of New York has ruled
that participants in two retirement plans sponsored by Citigroup failed
to state a claim that Citigroup breached its fiduciary duties by
offering stock as an investment option.