Alex16

ESOP Guy much thanks for all your knowledge ....truly apreciate all your comments . Past statements were ususally September or October so I do think getting the valuation took time , Also have had to chase statements in the past. Will ask administrator status of forms today as this 30 day rule has me concerned. Trust the company but not the administrator. Not looking to escalate the situation just would like what i earned and am entitled too & advised I would recieve, was told by admin that paperwoek would be in OCT last we emailed.. A. Why would I or anyone else want to be at the mercy of the Stock price each year ?...doesnt it make more sense to take a lump sum if possible.? B When an Esop is implemented is there paperwork signed asking each participant if they want there benifits in a lump sum or over time ? C i have the SPD as well as the entire Employee Stock Ownership Plan ...seems if they choose to they can pay in limp sum but do not have to Thanks Again and will keep you informed . warmest regards Alex16

ESOP Guy / Mr Bailey thanks for reply as well as your many replies and help to others , learn a lot from both your posts. SPD is not very clear , just says 5 years for over 5000 $ nothing on all the different variables . Understand your reply & that it’s common now for ESOPs to pay in installments for various reasons that help the company .My research showed if participant forced to wait past when there distribution should have been complete due to a loan being repaid under normal plan rules , then distributions have to start & be completed in the plan year after the loan is repaid . my situation ,terminated in 2011 should have started to receive in 2013 and loan repaid in 2018 ....so 2019 is 8 years & from still no paperwork or 2018 statement probably goes into 2020. I am a laymen into law & unfortunately did not make heads or tails out of code 409 did read it , but did not see or above general rule at least in terms that I could understand . Want to be able to quote the rule in my letter to administration. ESOP guy , you mention NOV / Dec your busiest times helping ESOP companies with Distribution , WHY is it that companies seem to wait to last minute ? Appraisal usually done and statement sent in September in previous years ...Loan paid off Sept 2018 , obviously companies should be planning for this date . Administrator initially said paperwork would come in Aug/Sept.. Can either or both of you please explain how this works if 5 years distribution ? Does my amount change each year with the statement share price ? Or is the Distribution amount set when first distribution commences ( including interest). Is it 5 equal portions over 5 years ?Nothing in SPD about the 6 installments over 5 years which would give me 2 distributions in first year , nor mention of pct given each years as I have found other companies do when they distribute ....assume there is a set way funds distributed ? By Rule MUCH THANKS Alex16 Thanks so much .in advance , my research comes for National Center For Employee Ownership brief.

Hello , Thanks to all for your time & knowledge in advance ... 25 year Employee of company that started an ESOP in 2007 , I was terminated in 2011 60 pct Vested Company took out 10 year 32m loan for the ESOP...Loan paid back in 2018 [11 years ]& I am expecting paperwork for first distribution any day, distribution according to administrator will be over 5 years . My understanding from pamphlet from NCEO is that since I was made to wait more than 6 years for my distribution , I am now entitled by general rules to get a one time full sum Distribution. Is this correct ? Where would I find the code ? More than 200k involved & prefer to have lump sum ...over 60 years old and on SSDI now . Pamphlet I purchased was the Participants Guide to ESOP Distributions ...Administrator & I do not speak . Again thanks for any direction and info I can get .