Tag Archives: Trustees

The ESOP Podcast Episode 35 – Annual Updates for ESOP Participant Statements

Rich Heeter, Brian Keisling, and Bret Keisling

The ESOP Podcast Episode 35 – Annual Updates for ESOP Participant Statements

In this week’s episode of the ESOP podcast, Capital Trustee’s Managing Directors Bret Keisling and Rich Heeter and Client Engagement officer Brian Keisling kick off the 2018 summer season– which in the world of ESOPs is also known as Annual Update season!

We step through the work ESOP trustees do in partnership with an independent qualified valuation advisor to determine the value of a (non-publically-traded) company for the annual update, which then feeds into the plan participant statements. This is a key document for employee-owners, as this is that statement that updates them on thier share of their company’s value.

Successor Trustee Due Diligence Document Request

As mentioned at the 31:43 mark in the podcast, here is a sample Successor Trustee Due Diligence Document Request list so that listeners can see the types of information requested during this phase of the process.

Rich Heeter, Brian Keisling, and Bret Keisling

Rich Heeter, Brian Keisling, and Bret Keisling


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We Want to Hear from YOU

Do you have feedback about this or any other episode of The ESOP Podcast? Do you have a topic that you would like for us to discuss on the show? Would you like to appear on the podcast as a featured guest or a panelist in a group presentation? Then we want to hear from you! Send us an email at podcast@captrustee.com.

The 12 Days of ESOPs, Day 11: Howard Kaplan of Kaplan Fiduciary Group

The 12 Days of ESOPs, Day 11: Howard Kaplan of Kaplan Fiduciary Group

We’re celebrating the spirit of the ESOP Movement with The Twelve Days of ESOPs.

12 Days of ESOPs
 
Our guests over these twelve days hail from a variety of fields in ESOP World – from lawyers, to valuators, to CEOs, and even employee owners themselves – each bringing their own unique outlook and experience to our ongoing conversation about what makes ESOP participation so valuable to companies.
 
On the eleventh day of ESOPs, our guest is Howard Kaplan of Kaplan Fiduciary Grouphe has over 30 years in the trust and financial services industry and currently serves as a fiduciary consultant and board advisor to ESOP companies. They discuss the role of ESOP trustees and educating and advising ESOPs on improving fiduciary processes and performance.
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📯📯📯📯📯📯📯📯📯📯📯 Your external advisors should help ensure everyone in your ESOP is piping from the same songbook.

More about Howard Kaplan

Howard Kaplan

Howard Kaplan [Source: Kaplan Fiduciary Group]

Howard Kaplan has over thirty years management and client advisory experience in the fiduciary trust and financial services industries, encompassing more than twenty-five years representing large regional trust companies and another six years with prominent investment services firms – having spent the last fifteen years specializing in employer securities and ESOP fiduciary services. “

“In addition, he has held various organizational and relationship management positions throughout his career applying procedural prudence in a fiduciary capacity and advising plan sponsors regarding their fiduciary obligations under the Employee Retirement Income Security Act (ERISA).”

More about Kaplan Fiduciary Group

Kaplan Fiduciary Group was founded in 2015 with a single mission: to improve financial outcomes for ESOPs and their participants. “Kaplan Fiduciary is a leading provider of fiduciary advisory services to companies sponsoring Employee Stock Ownership Plans (ESOP) and other qualified retirement programs. ” 

[Source: Kaplan Fiduciary Group]


Our guests over these twelve days hail from a variety of fields in ESOP World – from lawyers, to valuators, to CEOs, and even employee owners themselves – each bringing their own unique outlook and experience to our ongoing conversation about what makes ESOP participation so valuable to companies.
 
On the eleventh day of ESOPs, our guest is Howard Kaplan of Kaplan Fiduciary Grouphe has over 30 years in the trust and financial services industry and currently serves as a fiduciary consultant and board advisor to ESOP companies. They discuss the role of ESOP trustees and educating and advising ESOPs on improving fiduciary processes and performance.
.
📯📯📯📯📯📯📯📯📯📯📯

More about Howard Kaplan

Howard Kaplan

Howard Kaplan [Source: Kaplan Fiduciary Group]

Howard Kaplan has over thirty years management and client advisory experience in the fiduciary trust and financial services industries, encompassing more than twenty-five years representing large regional trust companies and another six years with prominent investment services firms – having spent the last fifteen years specializing in employer securities and ESOP fiduciary services. “

“In addition, he has held various organizational and relationship management positions throughout his career applying procedural prudence in a fiduciary capacity and advising plan sponsors regarding their fiduciary obligations under the Employee Retirement Income Security Act (ERISA).”

More about Kaplan Fiduciary Group

Kaplan Fiduciary Group was founded in 2015 with a single mission: to improve financial outcomes for ESOPs and their participants. “Kaplan Fiduciary is a leading provider of fiduciary advisory services to companies sponsoring Employee Stock Ownership Plans (ESOP) and other qualified retirement programs. ” 

[Source: Kaplan Fiduciary Group]


The 12 Days of ESOPs, Day 10: Scott Stitt, ERISA Attorney at Tucker Ellis, LLP, on representing ESOPs

Scott Stitt

The 12 Days of ESOPs, Day 10: Scott Stitt, ERISA Attorney at Tucker Ellis, LLP, on representing ESOPs

We’re celebrating the spirit of the ESOP Movement with The Twelve Days of ESOPs.

12 Days of ESOPs
 
Our guests over these twelve days hail from a variety of fields in ESOP World – from lawyers, to valuators, to CEOs, and even employee owners themselves – each bringing their own unique outlook and experience to our ongoing conversation about what makes ESOP participation so valuable to companies.
 
On the tenth day of ESOPs, our guest is Scott Stitt, an ERISA (Employee Retirement Income Security Act) Attorney at Tucker Ellis LLP‘s Columbus Ohio office. He has a national litigation practice, focusing on ERISA and related employment and business disputes. This is a wide-ranging discussion of general trends in ERISA litigation, the recent history of interactions of ESOPs with the Department of Labor, and the implications of the GreatBanc DOL Settlement ESOP Fiduciary Process Agreement, First Bankers Trust DOL Settlement, and the BAT Masonry Agreement.
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🕴️🕴️🕴️🕴️🕴️🕴️🕴️🕴️🕴️🕴️ Want to avoid ten lawyers a-leaping to your defense? Prevention is the best cure; it is good practice to treat DOL audits like a deposition.


More about Scott Stitt

 

Scott Stitt

Scott Stitt [Source: Tucker Ellis LLP, Our People]

“[Scott Stitt] has served as lead trial counsel representing corporations, employee stock ownership plan (ESOP) and defined benefit plan trustees, physicians and medical practice groups, and individuals in complex class action litigation in Ohio, New York, Illinois, California, Indiana, Missouri, and other jurisdictions.

Scott is experienced in ERISA criminal and civil disputes, including DOL and IRS audits and investigations, benefit claim disputes, breach of fiduciary duty claims, alleged prohibited transactions, and executive compensation and employment issues. He has extensive experience with ESOPs, and has served as both litigation counsel and special counsel to ESOP trustees and other ERISA fiduciaries.

Scott also litigates employment and business disputes in state and federal court, including claims for breach of contract, misappropriation of trade secrets, fraud, breach of fiduciary duty, and disputes over the value of privately held businesses and other assets.

Scott and his wife reside in the German Village area of Columbus with their yellow Lab Gus.”

[Source: Tucker Ellis LLP, Our People]

More about Tucker Ellis, LLP ESOP Services

Tucker Ellis, LLP Logo

“Employee stock ownership plans – ESOPs – can be complicated, often involving multiple areas of law. [Tucker Ellis’] ESOP Group uses an efficient team approach, working closely across disciplines to ensure a seamless delivery of services to our clients. Our practice includes significant depth in every aspect of a full-service ESOP practice – ERISA, tax, corporate finance, lending, securities regulation, corporate and fiduciary governance, estate planning, and mergers and acquisitions – making our practice the one-stop shop our ESOP clients need.”

[Source: Tucker Ellis LLP Services]


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The 12 Days of ESOPs, Day 3: ESOP Valuation with Ed Wilusz of Value Managment, Inc.

The 12 Days of ESOPs, Day 3: ESOP Valuation with Ed Wilusz of Value Managment, Inc.

We’re celebrating the spirit of the ESOP Movement with The Twelve Days of ESOPs.

12 Days of ESOPs
 
Our guests over these twelve days hail from a variety of fields in ESOP World – from lawyers, to valuators, to CEOs, and even employee owners themselves – each bringing their own unique outlook and experience to our ongoing conversation about what makes ESOP participation so valuable to companies.
 
On the third day of ESOPs, we discuss the ESOP valuation process with Edward A. Wilusz, Managing Director of Value Management, Inc. (VMI).  Value Managment performs about 65 ESOP valuations annually, as well as 250 other assignments a year. So, let’s take a moment to place a value on what we’ve covered so far: 🇫🇷 🐔🐔🐔 We hear the 2017 value of three French hens is $181.50 USD, a relative bargain compared to $375.00 for those two turtle doves yesterday 🐢🕊️🕊️ and the partridge and pear tree at $219.95 🐤🍐🌳 . Working for a great ESOP? Priceless! 😀

More about Ed Wilusz

“Ed Wilusz has been actively engaged in the appraisal profession since 1980. He has qualified as a business valuation expert witness and provided testimony in the following states: Pennsylvania, New Jersey, New York and Ohio. He is a Senior Member – Business Valuation in the American Society of Appraisers; a Chartered Financial Analyst (CFA); a past member of the ESOP Association’s Valuation Advisory Committee and Past Chairman of Sub-Committee to update Valuing ESOP Shares; Past-Director and Past-President of Bucks County Estate Planning Council; and Past-President of the Philadelphia Chapter of American Society of Appraisers. Ed is past chairman of Pearl S. Buck International and Director of the Bucks County College Foundation Board.” [Source: Value Managment, Inc. , Our Team]

[Photo Credit: Valuation Managment, Inc. ]

 

More about Value Managment Inc.

Value Management Inc.

For over 25 years, Value Management Inc. has acted as a financial advisor to both newly-formed and existing Employee Stock Ownership Plans (“ESOP”s) to assist the ESOP in transactions to acquire stock of the sponsor company. With over 125 years of combined valuation experience, Value Management Inc.’s team has prepared fairness opinions for dozens of ESOP transactions involving large, medium and small-sized companies. Value Management Inc.’s role is to provide the ESOP with an independent determination of the value of the stock that the ESOP is acquiring to ensure that the ESOP does not pay more than adequate consideration as defined in ERISA. It is Value Management Inc.’s consistent objectivity and independence that gives us our reputation for integrity. Our experienced analysts work closely with the ESOP attorneys and trustees throughout the transaction process. Our goal is to make the ESOP transaction process as smooth and transparent as possible.

[Soure: Value Managment, About Us]


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The ESOP Podcast Episode 14

The ESOP Podcast Episode 14 – Howard Kaplan of Kaplan Fiduciary Group

Our guest is Howard Kaplan of Kaplan Fiduciary Grouphe has over 30 years in the trust and financial services industry and currently serves as a fiduciary consultant and board advisor to ESOP companies. Howard Kaplan sat down with Bret Keisling of Captial Trustees, LLC at #ESOPLV – The ESOP Association’s record-setting November 2017 Las Vegas ESOP Conference and Trade Show held at the Paris hotel in Las Vegas, Nevada.  They discuss the role of ESOP trustees and educating and advising ESOPs on improving fiduciary processes and performance.


More about Howard Kaplan

Howard Kaplan

Howard Kaplan [Source: Kaplan Fiduciary Group]

Howard Kaplan has over thirty years management and client advisory experience in the fiduciary trust and financial services industries, encompassing more than twenty-five years representing large regional trust companies and another six years with prominent investment services firms – having spent the last fifteen years specializing in employer securities and ESOP fiduciary services. “

“In addition, he has held various organizational and relationship management positions throughout his career applying procedural prudence in a fiduciary capacity and advising plan sponsors regarding their fiduciary obligations under the Employee Retirement Income Security Act (ERISA).”

More about Kaplan Fiduciary Group

Kaplan Fiduciary Group was founded in 2015 with a single mission: to improve financial outcomes for ESOPs and their participants. “Kaplan Fiduciary is a leading provider of fiduciary advisory services to companies sponsoring Employee Stock Ownership Plans (ESOP) and other qualified retirement programs. ” 

[Source: Kaplan Fiduciary Group]


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The ESOP Podcast Episode 13

The ESOP Podcast Episode 13 – Scott Stitt, ERISA Attorney at Tucker Ellis, LLP, on representing ESOPs

Our guest is Scott Stitt, an ERISA (Employee Retirement Income Security Act) Attorney at Tucker Ellis LLP‘s Columbus Ohio office. He has a national litigation practice, focusing on ERISA and related employment and business disputes.  Scott Stitt sat down with Bret Keisling of Captial Trustees, LLC at #ESOPLV — The ESOP Association’s record-setting November 2017 Las Vegas ESOP Conference and Trade Show held at the Paris hotel in Las Vegas, Nevada.

This is a wide-ranging discussion of general trends in ERISA litigation, the recent history of interactions of ESOPs with the Department of Labor, and the implications of the GreatBanc DOL Settlement ESOP Fiduciary Process Agreement, First Bankers Trust DOL Settlement, and the BAT Masonry Agreement.  They discuss how ESOPs should treat DOL audits like a deposition, in order to keep statements from being taken out of context. They also emphasize the importance of real independence and arms-length negotiations during the ESOP creation process and the criticality of clear and detailed documentation.


More about Scott Stitt

 

Scott Stitt

Scott Stitt [Source: Tucker Ellis LLP, Our People]

“[Scott Stitt] has served as lead trial counsel representing corporations, employee stock ownership plan (ESOP) and defined benefit plan trustees, physicians and medical practice groups, and individuals in complex class action litigation in Ohio, New York, Illinois, California, Indiana, Missouri, and other jurisdictions.

Scott is experienced in ERISA criminal and civil disputes, including DOL and IRS audits and investigations, benefit claim disputes, breach of fiduciary duty claims, alleged prohibited transactions, and executive compensation and employment issues. He has extensive experience with ESOPs, and has served as both litigation counsel and special counsel to ESOP trustees and other ERISA fiduciaries.

Scott also litigates employment and business disputes in state and federal court, including claims for breach of contract, misappropriation of trade secrets, fraud, breach of fiduciary duty, and disputes over the value of privately held businesses and other assets.

Scott and his wife reside in the German Village area of Columbus with their yellow Lab Gus.”

[Source: Tucker Ellis LLP, Our People]

More about Tucker Ellis, LLP ESOP Services

Tucker Ellis, LLP Logo

“Employee stock ownership plans – ESOPs – can be complicated, often involving multiple areas of law. [Tucker Ellis’] ESOP Group uses an efficient team approach, working closely across disciplines to ensure a seamless delivery of services to our clients. Our practice includes significant depth in every aspect of a full-service ESOP practice – ERISA, tax, corporate finance, lending, securities regulation, corporate and fiduciary governance, estate planning, and mergers and acquisitions – making our practice the one-stop shop our ESOP clients need.”

[Source: Tucker Ellis LLP Services]


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The ESOP Podcast Episode 1

The ESOP Podcast Episode 1 – Introduction

Rich and Bret ESOP Podcast

Our introductory episode of The ESOP Podcast recorded in September, 2017 is a conversation between Capital Trustees partners Bret Keisling and Rich Heeter about Employee Stock Ownership Plans (ESOPs).  An ESOP is a type of trust, and all trusts need a trustee. Bret and Rich describe what it means to be a trustee for an ESOP, and why that role is important.

You can read a transcript of this episode here.


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We Want to Hear from YOU

Do you have feedback about this or any other episode of The ESOP Podcast? Do you have a topic that you would like for us to discuss on the show? Would you like to appear on the podcast as a featured guest or a panelist in a group presentation? Then we want to hear from you! Send us an email at podcast@captrustee.com.