Headlines about "ESOPs"
Gathered from the web by the editors at BenefitsLink.com.
Risk and Lack of Diversification under Employee Ownership and Shared Capitalism
Excerpt: "Some analysts view risk as the Achilles Heel of employee ownership and to some extent variable pay plans such as profit sharing and gainsharing. Workers in such 'shared capitalist' firms may invest too much of their wealth in the firm, contrary to the principle of diversification. This paper addresses whether the risk in shared capitalism makes it unwise for most workers or whether the risk can be managed to limit much of the loss of utility from holding the extra risk. We create an index of financial security based on worker pay and wealth, and find that workers who feel financially insecure exhibit fewer of the positive outcomes associated with shared capitalism, and are less interested than other workers in receiving more employee ownership or even more profit sharing in their workplaces." (National Bureau of Economic Research; paid subscription or individual purchase required to retrieve fulltext)
[Guidance Overview] Insurance Broker Malpractice Claims Avoid ERISA Preemption Defenses
Excerpt: "The district court in Trelease reached the correct conclusion that, notwithstanding specific reference to ERISA in the state law complaint, the gravamen of the plaintiffs' complaint did not invoke ERISA's civil remedies and, therefore, averted preemption. In essence, the case argued by the plaintiffs amounted to no more than a state law malpractice claim against their insurance professionals." (Health Plan Law blog by Attorney Roy F. Harmon III)
ESOP Member Firms Give Program Big Thumbs Up
Excerpt: "Executives at companies with an employee stock ownership plan (ESOP) are nearly all jumping for joy that their employer made the move to create such a program. A 2008 survey by the Employee Ownership Foundation found that 92.4% of respondents reported that kicking off an ESOP was 'a good business decision that has helped the company' - the highest percentage ever reported in the 17 years the survey has been conducted." (PLANSPONSOR.com; free registration required)
Employee Ownership Update for August 29, 2008
NCEO Executive Director Corey Rosen discusses a study of 328 majority ESOP-owned companies finding that they have sales per employee that are 8.8% greater than comparable non-ESOP companies; a new NCEO issue brief on the state of broad-based employee equity plans; a new IRS analysis finding that the top 47,000 families in the U.S. own $1.196 trillion in public and private corporate equity; and a correction to a prior story on Appleton, Inc. (National Center for Employee Ownership)
Stock-Ownership Plans Give Employees Equity
Excerpt: "Although they don't get as much publicity as 401(k) plans or individual retirement accounts, ESOPs have an estimated 10 million participants working at 11,500 companies, the vast majority of which are small and privately held. Unlike many other retirement programs, ESOPs are unusual in that workers don't have to ante up any money of their own. Owners make all contributions, but they derive several benefits." (azcentral.com)
Fannie Mae's Employee Stock Ownership Plan
Excerpt: "For those people participating in the employee stock ownership plans, known as ESOPs, at Fannie Mae -- Freddie Mac did not have one -- they could do little but watch this year as the stock lost more than three-quarters of its value. In a lament echoing the fallen share prices at other firms like Bear Stearns, employees discovered their stock was essentially locked up. The Fannie Mae plan, to which the company stopped making contributions last year, invests in company stock, allowing diversification to begin only at age 55." (The New York Times; free registration required)
[Guidance Overview] Employee Benefits Developments, August 2008 Issue
Includes ESOP Dividends -- New Tax Reporting Rules; Mere Posting of SPD on Intranet Does Not Ensure Actual Receipt; Trilogy of IRS Guidance Regarding Health Savings Accounts; Service by Director as Interim CEO Results in Loss of Tax Deduction for Corporation; IRS Proposes Regulations Regarding 'Greater of' DB Plan Formulas; and No FICA Tax Refund On Nonqualified Deferred Comp Plan Benefits Never Received; Kentucky Retirement System Does Not Violate the ADEA. (Hodgson Russ)
ESOP Rules for Government Contractors Finalized
ESOP consultant Ronald Gilbert discusses recently finalized rules for federal government contractors who sponsor ESOPs. The rules address the 'allowable cost' that federal government contractors may claim for contributions or dividends paid to an ESOP. (National Center for Employee Ownership)
Does Employee Ignorance Undermine Shared Capitalism?
Excerpt: "The potential of shared capitalism to improve individual and organizational performance through financial incentives depends on employees knowing about and participating in compensation plans that link rewards to performance. This paper therefore analyzes a survey of employees from multiple companies to assess the extent to which employees are ignorant about company, group, and individual-based incentive pay plans and ESOPs. The findings reveal significant amounts of employee ignorance in both under- and overstating the extent to which such plans apply to them individually." (National Bureau of Economic Research; paid subscription or individual purchase required to retrieve fulltext)
Shared Capitalism in the U.S. Economy? Prevalence, Characteristics, and Employee Views of Financial Participation in Enterprises
Excerpt: "Between one-third and one-half of employees participate directly in company performance through profit sharing, gainsharing, employee ownership, or stock options. This flies in the face of concerns about the free rider problem and worker risk aversion in group incentives, and raises many questions about the effects on firms and workers. This paper lays out the major reasons we may see such 'shared capitalism' plans, and reviews recent nationally representative surveys on the prevalence of these plans." (National Bureau of Economic Research; paid subscription or individual purchase required to retrieve fulltext)
Creating a Bigger Pie? The Effects of Employee Ownership, Profit Sharing, and Stock Options on Workplace Performance
Excerpt: "This paper uses data from NBER surveys of over 40,000 employees in hundreds of facilities in 14 firms and from employees on the 2002 and 2006 General Social Surveys to explore how shared compensation affects turnover, absenteeism, loyalty, worker effort, and other outcomes affecting workplace performance." (National Bureau of Economic Research; paid subscription or individual purchase required to retrieve fulltext)
Do Workers Gain by Sharing? Employee Outcomes under Employee Ownership, Profit Sharing, and Broad-based Stock Options
Excerpt: "We find that greater involvement in the programs is generally linked to greater participation in decisions, higher quality supervision and treatment of employees, more training, higher pay and benefits, greater job security, and higher job satisfaction. We also find positive interactions of shared capitalism with high-performance policies in predicting participation in decisions and overall job satisfaction, and negative interactions of shared capitalism with close supervision in affecting almost all of the outcomes. Overall the results support the idea that workers can gain by sharing, but whether this happens is contingent on other workplace policies." (National Bureau of Economic Research; paid subscription or individual purchase required to retrieve fulltext)
Employee Ownership Update for August 14, 2008
NCEO Executive Director Corey Rosen discusses final rules for reimbursable costs for government contractors that have ESOPs; a study finding broad-based stock options in venture-backed companies are both common and effective; a model for engaging employee-owners in innovation; a conference celebrating the top small workplaces; and a new survey on equity compensation. (National Center for Employee Ownership)
[Guidance Overview] Alabama District Court Rejects Application of LaRue in ESOP Participant Suit (PDF)
3 pages. Excerpt: "In one of the first cases to consider LaRue's impact on individual ERISA claims, the U.S. District Court for the Middle District of Alabama has rejected a request to reconsider a dismissal of breach of fiduciary duty claims in a case involving an employee stock ownership plan (ESOP)." (Morgan, Lewis & Bockius LLP)
Small Businesses Can Set Up Both Entrepreneur Rollover Stock Ownership Plan and Conventional 401(k) Plan
Excerpt: "['ERSOP'] is a marketing term rather than a federally recognized stock ownership plan. 'This is a plan primarily promoted by one consulting group. It should not be confused with an ESOP (Employee Stock Ownership Plan), which is sanctioned by federal law,' says Corey Rosen, executive director of the National Center for Employee Ownership in Oakland, Calif." (BusinessWeek)
[Guidance Overview] Dividends Versus Distributions in ESOP Planning
Excerpt: "This article is an overview of the differences in the utility of C corporation dividends and S corporation distributions in ESOP transactions. It assumes the reader has some familiarity with the basics of ESOPs and the fact that ESOPs may now be sponsored by S corporations." (Chang, Ruthenberg & Long PC)
Employee Ownership Update for July 31, 2008
NCEO Executive Director Corey Rosen discusses a PLR allowing floor price agreements for S corporation ESOPs; proposed ESPP and incentive stock option regulations; a new FASB staff position on dividends or dividend equivalents in share plans; an NCEO partnership with the Initiative for a Competitive Inner City; and the Ownership Thinking Conference. (National Center for Employee Ownership)
Research Touts Major Benefits of S-ESOPs
Excerpt: "Two university researchers assert in a new study that Subchapter S companies with an employee stock ownership plan (ESOP) have created a windfall for employers and workers alike." (PLANSPONSOR.com; free registration required)
[Guidance Overview] IRS Validates Price Protection Agreements for S Corporation ESOPs (PDF)
3 pages. Excerpt: "In Private Letter Ruling 200827008, the IRS validated a form of price protection commonly used in multistage ESOP transactions. In the letter, the IRS concluded that a floor price protection agreement -- which guaranteed a minimum repurchase price for some, but not all, of the shares held by the ESOP -- did not create a second class of stock, and thus did not adversely affect the company's S corporation status." (Morgan, Lewis & Bockius LLP)
[Official Guidance] Text of Prop. IRS Regs on Required Returns and Employee Statements for ESOPs, Incentive Stock Options and Sec. 423 Employee Stock Purchase Plans (PDF)
5 pages. Excerpt: "This document contains proposed regulations relating to the return and information statement requirements under section 6039 . . . [which] reflect changes [made by] the Tax Relief and Health Care Act of 2006. These proposed regulations affect corporations that issue statutory stock options . . . [under sections 422 or 423]. As amended by the Act, section 6039 requires corporations to file an information return with the IRS, in addition to providing employees with an information statement, following a stock transfer. The time and manner for filing a return with the IRS, as well as the information to be contained in the return and furnished to employees, is addressed in these proposed regulations. Section 6039, as amended by the Act, applies to stock transfers occurring on or after January 1, 2007." (Internal Revenue Service)
Employee Ownership Update for July 15, 2008
NCEO Executive Director Corey Rosen discusses innovative ideas in compensation, including an ESOP company that allows managers to choose between fixed and incentive-based compensation; a suit against Sovereign Bank by employees over the company's ESOP and company stock in the 401(k) plan; a restricted stock/stock unit practice guide from the CEP Institute; and the final opportunity to take the NCEO's new survey on equity compensation practices in closely held companies. (National Center for Employee Ownership)
New book: Questions and Answers on the Duties of ESOP Fiduciaries
The NCEO presents excerpts from its new book Questions and Answers on the Duties of ESOP Fiduciaries, authored by David Ackerman, a leading attorney in the employee stock ownership plan field. (National Center for Employee Ownership)
[Guidance Overview] IRS Issues Sample Plan Language for Transfer for ESOP's S Corp Shares to Prevent Nonallocation Year
Excerpt: "This plan language is designed to prevent a nonallocation year by transferring assets from the accounts of disqualified persons to the non-ESOP portion of the plan according to Treas. Reg. 1.409(p)-1(f). A nonallocation year can occur when disqualified persons, as defined in Code section 409(p)(4), own or are deemed to own 50% of the outstanding stock of an S corporation." (Pension Protection Act Blog)
[Guidance Overview] The IRS Employee Plans News - Special Edition - July 1, 2008 (PDF)
1 page. Excerpt: "This Special Edition provides sample plan language under Code section 409(p) for the transfer of an ESOP's S corporation shares. Also, in this edition, IRS Nationwide Tax Forums will be held across the country this summer and a new Joint Board for the Enrollment of Actuaries web page is now available." (Internal Revenue Service)
Employee Ownership Update for July 1, 2008
NCEO Executive Director Corey Rosen discusses the agreement by the State of Florida to buy U.S. Sugar, an ESOP company recently in the news due to employee complaints that they were cashed out of the ESOP at too low a price; the State of California's offer of a settlement in certain abusive ESOP transactions; and a survey showing that employee stock purchase plans (ESPPs) have become somewhat more conservative in response to accounting rule changes that became fully effective in 2006. (National Center for Employee Ownership)
Study Indicates Majority-Owned ESOP Firms Enjoy Greater Productivity
Excerpt: "Recent research by Brent Kramer, a doctoral candidate at the City University of New York, 'provides strong evidence that majority employee-owned businesses have a significant advantage over comparable traditionally-owned businesses in sales per employee.'" (PLANSPONSOR.com; free registration required)
Updated Employee Ownership 100 List
The National Center for Employee Ownership presents the latest version of the Employee Ownership 100 list, which lists the largest U.S. companies that have at least 50% of their stock owned by an ESOP, a stock purchase plan in which most full-time employees can participate, a profit sharing plan or other trust, or some combination of such plans. (National Center for Employee Ownership)
[Guidance Overview] IRS Changes Reporting Requirements for Section 404(k) Dividends from ESOPs (PDF)
3 pages. Excerpt: "This change applies only to an ESOP's distribution of cash dividends. Dividends on ESOP employer securities that the corporation pays directly to ESOP participants or their beneficiaries will continue to be reported on Form 1099-DIV. The change in reporting will apply to ESOP dividend distributions made on or after January 1, 2009." (Pillsbury Winthrop Shaw Pittman LLP)
IRS Changes Reporting Requirements for Dividends on ESOP Distributions
Excerpt: "Beginning with distributions in 2009, the reporting of dividends on employer securities that are distributed from an employee stock ownership plan (ESOP) under section 404(k) of the Code must be on a Form 1099-R that does not report any other distributions." (PLANSPONSOR.com; free registration required)
[Official Guidance] IRS Announcement 2008-56: Change in Reporting for ESOP Dividends (PDF)
2 pages. Beginning with distributions in 2009, the reporting of dividends on employer securities that are distributed from an employee stock ownership plan under section 404(k) of the Code must be on a Form 1099-R that does not report any other distributions. (Internal Revenue Service)
[Guidance Overview] Government Contractor ESOP Cost Accounting Rules Finalized
Excerpt: "[W]hen the company is a government contractor with cost-plus contracts, certain ESOP costs are reimbursable to the extent there is room in the overhead of a contract. As a result, the costs associated with the ESOP can be reimbursed by the government to the company. The issue of which costs are reimbursable however, was both controversial and ambiguous prior to final rules adopted on May 1." (Morgan, Lewis & Bockius LLP)
[Guidance Overview] An ESOP Fable with a Drafting Tip
Excerpt: "An interesting case was recently decided by the federal court in the Northern District of Alabama: Pension and Employee Stock Ownership Plan Administrative Committee of Community Bancshares, Inc. v. Patterson . . . . Community Bancshares, Inc. (Bancshares) sponsored an ESOP that purchased Bancshares stock in 1993 and 1998." (Morgan, Lewis & Bockius LLP)
Employee Ownership Update for June 2, 2008
NCEO Executive Director Corey Rosen discusses a district court ruling that a previously decided ESOP case could not be reopened in light of the new legal standard set out in the Supreme Court's LaRue v. DeWolff decision; final ESOP reimbursement rules from the U.S. Cost Accounting Standards Board; controversy over a New York Times article on the U.S. Sugar ESOP; and an upcoming conference. (National Center for Employee Ownership)
New edition of Section 401(k) Plans and Employee Ownership
The NCEO presents excerpts from the newly released fifth edition of Section 401(k) Plans and Employee Ownership. The book discusses in detail how company stock is used in 401(k) plans, recent litigation in the post-Enron environment, securities issues, dividend deductions, administration, ESOP-401(k) combinations, converting a 401(k) plan to a combination 401(k)/ESOP, and more. (National Center for Employee Ownership)
The U.S. Sugar ESOP in Context
NCEO Executive Director Corey Rosen discusses the U.S. Sugar ESOP (employee stock ownership plan) in light of an article in the New York Times detailing a lawsuit by former U.S. Sugar employees who believe they were cashed out of the ESOP at a much lower price than they should have been. (National Center for Employee Ownership)
The European Employee Ownership Top 100 in 2007
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)
Annual Economic Survey of Employee Ownership in European Countries - Year 2007
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)
[Guidance Overview] Bankruptcy Appellate Panel Upholds IRA Assets Exclusion
Excerpt: "[A] U.S. Bankruptcy Court judge in Kansas was correct in turning aside an argument by a creditor that the funds now held in an IRA should be included in the pool of the debtor's assets used to repay debts. The lower court judge ruled -- and the appellate panel agreed -- that the creditor had not proven that the ESOP was improperly established or administered -- a prerequisite for putting the funds into the bankruptcy estate." (PLANSPONSOR.com)
[Guidance Overview] Court Rejects Revival of Company Stock Case Based on LaRue Ruling
Excerpt: "The U.S. District Court for the Middle District of Alabama rejected the attempt by an employee stock ownership plan (ESOP) participant to revive her fiduciary breach case based on the recent U.S. Supreme Court ruling that defined contribution plan participants can seek individual account damages in fiduciary breach suits." (PLANSPONSOR.com)
[Guidance Overview] ESOPs In Changing Times; C'est LaRue?
Excerpt: "Even though the LaRue case involved a drop in the value of a 401(k) account, the impact of the case can be significant in any context where a plan participant believes that by fiduciary action or inaction, his or her individual benefits were negatively impacted. This means that a participant may directly and immediately bring suit for breach of fiduciary duty without moving through the benefit claim and appeal process. The presumption of correctness for fiduciary defendants and the requirement that plaintiffs prove that a benefit denial was 'arbitrary and capricious,' simply does not apply in a breach of fiduciary duty claim." (Chang Ruthenberg & Long)
Employee Ownership Update for May 15, 2008
NCEO Executive Director Corey Rosen discusses a program in Indiana to encourage banks to loan to ESOPs; a pro-ESOP resolution in Congress; an inaccurate claim by many compensation professionals that broad-based equity plans don't work; an NCEO survey of equity compensation practices in closely held companies; and a Winning Workplaces Webinar on employee ownership. (National Center for Employee Ownership)
New book: Understanding ESOPs
The NCEO presents excerpts from Understanding ESOPs, its new introductory book on employee stock ownership plans. Written by NCEO cofounder and executive director Corey Rosen and NCEO publications director Scott Rodrick, the book is a comprehensive overview of how ESOPs work in both C and S corporations, what their applications are, what the valuation and financing issues are, what the steps to set one up are, and more. (National Center for Employee Ownership)
Employee Ownership Update for May 1, 2008
NCEO Executive Director Corey Rosen discusses the NCEO's new survey of equity compensation practices in private companies and invites private companies to participate. He also recommends six principles for making messages stick (for example, in communicating an ESOP to employees). Finally, he addresses the impact of the ESOP repurchase obligation on valuation. (National Center for Employee Ownership)
Presentation: Plan Litigation and Latest Trends in Equity Compensation
Presented at the NCEO/Beyster Institute Joint Annual Employee Ownership Conference in Chicago, Illinois, April 3, 2008. (Janich Law Group)
[Guidance Overview] IRC Section 409(p) Anti-Abuse Testing, History of Regulations, and Private Letter Ruling (PLR) 200804023
Excerpt: "PLR 200804023 was published on January 25, 2008 and is the first 409(p) anti-abuse private letter ruling." (The One-Stop ESOP Blog)
ESOP Benefits of Fiduciary Who Breached His Duties Can Offset Plan Loss
Excerpt: "The U.S. District Court for the Northern District of Alabama has determined a former bank president breached his fiduciary duty to the bank's Employee Stock Ownership Plan (ESOP) by not disclosing his criminal acts against the bank to the plan's committee." (PLANSPONSOR.com; free registration required)
Employee Ownership Update for April 10, 2008
NCEO Executive Director Corey Rosen discusses AECOM Technology Corp., a publicly traded company with a global employee ownership program; the impact of small ideas on a company; and the question of whether ESOP-owned companies can qualify for minority ownership status for federal Section 8(a) contract preferences if most of the beneficial ownership goes to qualifying minority employees. (National Center for Employee Ownership)
Johnson & Perkinson Announces Filing of Employee Retirement Class Action Complaint Against The Bear Stearns Companies Inc.
Excerpt: "The complaint, on behalf of participants and beneficiaries who obtained Company stock through an employee stock ownership plan between December 14, 2006 and the present, seeks redress under the Employee Retirement Income Security Act of 1974 ('ERISA'). The complaint alleges the failure of the plan fiduciaries to act solely in the interest of the participants and beneficiaries, and to exercise the required skill, care, prudence and diligence in administering the retirement plan, as is required by ERISA." (CNNMoney.com)
Termination Before Selloff not Intentional Benefits Interference
Excerpt: "The U.S. District Court for the Middle District of Pennsylvania has found that an employer was not motivated by a desire to deprive an Employee Stock Ownership Plan participant of benefits when it terminated him to move along a sell of one of its units to another company." (PLANSPONSOR.com; free registration required)
Executive Compensation - Besides Stock Options, What Else Is There?
Excerpt: "There are several alternatives, including restricted stock plans, phantom stock, stock appreciation rights, and employee stock ownership plans. Each of these plans is an alternative to the stock option, and some do not involve stock ownership at all." (Wisconsin Technology Network, LLC)
[Opinion] Employee Ownership: It's Good for Business – and for the Soul
Excerpt: "Study after study has confirmed the fact that employee ownership helps companies be more productive, more competitive, and more profitable. In short, employee ownership is good for business. And that's a great thing. But there is something more that is at work in employee ownership companies. In the way they operate, and by their very nature, these companies tap into the universal human hunger for meaning, for the pursuit of a higher purpose – one that transcends the drive for personal benefit. These companies generate outsized returns not only for the pocketbook, but for the soul." (The Beyster Institute)
Europe Takes a Closer Look at Employee Stock Ownership
Excerpt: "[G]overnments in Austria and Germany are devising legislation that takes inspiration from pioneers like Voestalpine, and they are using tax law to encourage employee stock ownership. More stock in the hands of workers could help compensate for wages that have stagnated in much of Europe even as stock markets have staged a long-term rally, the recent turmoil notwithstanding. The politics are appealing as well." (The New York Times; free registration required)
Employee Ownership Update for March 28, 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)
[Guidance Overview] ESOP Update: Deduction Disallowance Under Section 267; Section 409(p) Letter Ruling; and King & Prince Seafood Decision (PDF)
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)
[Opinion] Countering Negative ESOP Coverage with the Facts
This opinion piece counters the recently published 'Treasury and Risk' editorial, The New Retirement Drama: ESOPs, about Bear Stearns and ESOPs. (The One-Stop ESOP Blog)
[Opinion] The New Retirement Drama: ESOPs
Excerpt: "As Bear Stearns becomes the latest corporate giant to implode, a new group of employees must face retirement with far less savings than they anticipated. While the Bear Stearns debacle is reminiscent of Enron Corp.'s $2 billion pension disaster, it highlights a different potential employee investment drama. How will retirement savings held in Employee Stock Ownership Plans (ESOPs)--such as the one at Bear Stearns--fare if more companies disappear into the mortgage morass." (Treasury & Risk)
New edition of the book S Corporation ESOPs
The NCEO presents excerpts from the new (third) edition of its book S Corporation ESOPs, a guide to the issues involved with having an employee stock ownership plan (ESOP) in a subchapter S corporation. The third edition features two new chapters, plus updates to other chapters. (National Center for Employee Ownership)
Employee-Ownership Plans Increasingly Common
Excerpt: "A successful ESOP needs 'a lot of communication, some sense of history as an organization, and . . . some track record of success so employees are not frightened at the prospect' of owning their own company . . . ." (IBJ Media Corp.)
[Opinion] Bear Stearns and Employee Ownership
Excerpt: "[The target page offers a look at] the available facts about just what kinds of employee ownership plans exist there. For the broad employee population, there was an employee stock ownership plan (ESOP) that held about $285 million in Bear Stearns stock in 2007. The plan was funded by the company. This was not, however, the sole, or even main, retirement plan at the company. In addition, there was a profit sharing plan funded by the company that had about $300 million in diversified investments and a 401(k) plan with $720 in diversified investments. So from a retirement plan standpoint, Bear Stearns is not at all like Enron and some other companies several years ago where employees were heavily or primarily invested in company stock, generally in their 401(k) plans, and were left with limited or no retirement assets after their companies melted down. The ESOP accounted for about 3% of total Bear Stearns Stock." (The National Center for Employee Ownership)
Bear Stearns' Ills Draw Company Stock 'Investigation'
Excerpt: "The law firm of Stember Feinstein Doyle & Payne, LLC has announced it is investigating possible illegal conduct relating to the Bear Stearns Companies Inc. Employee Stock Ownership Plan, Profit Sharing Plan and Deferred Compensation Plan." (PLANSPONSOR.com; free registration required)
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