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Certificate Program for Non-Professional ESOP Fiduciaries

Beyster Institute

May 17, 2021 - May 21, 2021
Webcast

Companies seeking a trustee for their ESOP have a variety of professionals they can hire for that role, ranging from solo practitioners to the trust department of large banks.

But once the ESOP transaction has closed, about half of all ESOP companies ultimately elect to handle the trustee role in-house.  And additional ESOP companies assign some fiduciary responsibilities to their Board or to an ESOP administration committee.  Anyone in the company playing any of these roles is assuming fiduciary responsibility – and fiduciary liability – under ERISA.

Many see significant advantages in handling these fiduciary roles in-house, including:

  • Reduced costs
  • Involvement of their people in managing the company
  • A sense of greater perceived control over their destiny

At the Beyster Institute, our view is that it is entirely reasonable for a company to handle ESOP fiduciary roles in-house – so long as the people in those roles have been properly trained to understand what their responsibilities are, and how to meet those responsibilities effectively.

This program is designed to deliver exactly that training.  Topics to be covered include:

  • The role of the ESOP trustee in corporate governance
  • ERISA standards of fiduciary conduct
  • Prevailing fiduciary practices at ESOP companies
  • The trustee as the shareholder of record
  • The stock valuation process and the fiduciary’s responsibility for that
  • The trustee’s responsibilities in connection with shareholder votes
  • Managing the trust, including reconciliation of records
  • Conducting trustee meetings, with proper recordkeeping
  • How to obtain insurance coverage for ESOP fiduciary liability

More Information, How to Register

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