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Responsibilities of Internal ESOP Fiduciaries

Beyster Institute

Jan. 10, 2019
Recorded Online
Webcast

You don't have to pay an institution to manage the operation of your ESOP. Many companies have an internal ESOP committee that determines policy and practice when it comes to ESOP operations.

Other companies simply appoint a group of insiders to serve as the trustees of their ESOP. All such insiders - whether committee member or trustee - are "fiduciaries" under ERISA. As such, they bear personal responsibility and liability for their conduct in such roles.

Our view? Yes, it is perfectly sound practice for an insider to assume the duties of ESOP fiduciary. But if you take on that role, you need to understand fully what your responsibilities are.

Tune in to this session to get a review of the duties of an ESOP fiduciary.

Instructor:  Martin Staubus, Executive Director, Beyster Institute, UC San Diego

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