ESOP 1

6 Categories 36 Questions

Which year did BostonFam become an ESOP? Which two non-profit organizations merged to create the ESOP association?

kristal.chamberlain@bostonfam.com

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Category 1

Which year did BostonFam become an ESOP?

2018

Which two non-profit organizations merged to create the ESOP association?

National Association of ESOP companies and ESOP council of America

What person created the first employee-owned company by leveraging the company's profit sharing plan?

Louis Kelso

Which year was ERISA established?

1974

In which year was Peninsula Newspaper purchased by the employees through a leverage profit sharing plan?

1956

In the mid 19th century, a company set aside stock in the company for employees when they retired. Which one of these companies was a pioneer in this initiative?

Railway Express Agency

Category 2

Bostoninc formed the ESOP plan in 2018

True

An ESOP is a defined contribution plan

True

ESOP companies are less likely to lay employees off compared to non-ESOP companies

True

Employees at ESOP companies have 2.5 times greater wealth in their retirement account that participants at non-ESOP companies.

True

The plan trustee hires the independent appraiser

True

The ESOP Communications Committee does NOT have a charter document

False

Category 3

How many years of employment till an employee-owner is fully vested?

6 years

Which month is Employee Ownership month?

October

What are the three conditions that all new hires must complete before entering the ESOP?

1,00 hours worked, 18 years of age, and 12 months of employment

A terminated participant is 100% vested if one of the three conditions occur. What are those conditions?

Retirement, Death, and Disability

What is the minimum age for participants to become eligible for diversification?

55 years

How many years of participation in the plan are required for employee-owners to become eligible for diversification?

10 years

Category 4

Name two ESOP committee members

Helen Linder, Sarah Dresel, Jesse Retrum, Kristal Chamberlain, Jason Christensen, Alex Wachowiak, Mary Froelich, Sasha Sobye, Becky Jensen, and Sarah Knilans

Board of directors?

Bill, Vinnie, and Joe Fonti

ESOP TPA

ESOP Partners

ESOP Plan Trustee

Miguel Paredes

ESOP Transaction Advisors

CSG Partners

ERISA Attorney

DeWitt Ross & Stevens

Category 5

What does ESOP stand for?

Employee Stock Ownership Program

What is the normal retirement age according to your ESOP document?

65 years

An independent appraiser provides their valuation report to who?

Plan trustee

What does the acronym ERISA mean?

Employee Retirement Income Security Act

What is the maximum deductible contribution level an employer can make towards a tax-qualified stock bonus or profit-sharing plan like an ESOP?

25%

Which region of the country has the highest percentage of ESOP?

Midwest

Category 6

What forms are distributions paid out in?

Shares and Cash

What is the max contribution an employer can make to an ESOP if the company's total compensation was $1,500,000?

$375,000

Shares are allocated to eligible employee-owners based on what?

Eligible compensation

Approximately, how many ESOP companies are 100% employee owned?

Approximately 2,500

What is the name of the first employee-owned company?

Peninsula Newspaper

Which two non-profit organizations merged to create the ESOP association?

National Association of ESOP companies and ESOP Council of America

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