ESCA Summit Hits Several Important ESOP Topics
Author: Cara Benningfield
The 2015 Employee-Owned S Corporations of America (ESCA) Leadership Summit, held in February in Fort Lauderdale, Florida, had record attendance of 180 ESCA members and guests and covered a number of topics important to employee stock ownership plans (ESOPs).
The ESCA Advisory Council hosted a question-and-answer session with representatives from both the U.S. Department of Labor (DOL) and IRS. This session covered several topics, including whether an ESOP trustee is purchasing control in a majority purchase transaction and how the trustee exercises that control after the transaction. Several plan administration questions also were discussed and debated.
Guest speakers in the general session included Congressman John Kline, R-Minn., and Congressman Richard Neal, D-Mass. ESCA Executive Director Stephanie Silverman also gave her view of S ESOPs and the current political climate. Silverman said ESCA members should be encouraged that S ESOPs have strong allies in Congress. However, she stressed ESCA members should not let down their guard and should continue to speak proactively with their representatives in Congress to protect the benefits of S ESOP status.
To learn more about issues affecting S ESOPs, contact your BKD advisor.