May 2007 Edition - The ESOP Association

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THE MID-ATLANTIC CHAPTER ESOP ASSOCIATION NEWSLETTER
2007 MAC ESOP Company of the Year
Peed Plumbing, Inc.
Manassas, VA
Joanne Bryant of Peed Plumbing accepts MAC Company of the Year
Manassas, VA
Award
Peed Plumbing was founded by Gary Peed in 1980. Its ESOP was created in
2003 and now owns 49% of the company. It has 170 employees. They are
gung-ho about their ESOP and an employee sits on the Board of Directors
and the ESOP Advisory Committee makes sure employees love the ESOP.
Since most employees work in areas through out the metropolitan area, Peed
Plumbing hosts an annual breakfast meeting at International Country Club
for all employees to attend. ESOP certificates are distributed and Gary Peed
delivers an energized update on the state of the company. He also motivates
the staff by explaining what exactly it means to be "employee owned" and
uses large colorful charts to show how far along the company is in its goal to
becoming 100% employee-owned!
Peed Plumbing has an active "open door policy." It is not unusual to see
employees of all levels filtering in and out of Gary's office, offering
suggestions and ideas for improvement. In fact, some of our most innovative
ideas and policies have come from our employees.
Approximately 40% of the workforce is Spanish speaking. The dispersion of
the workforce and language barriers makes communicating ESOP
information quite challenging. Since many employees do not have workday
access to the Internet, we send ESOP literature with their weekly paychecks.
We also have all documentation translated to Spanish, and have an
interpreter at all ESOP meetings. Peed Plumbing also subsidizes English as a
second language classes and recently started offering Spanish classes in an
effort to improve communication between employee owners.
Peed Plumbing has a lot of fun in our efforts to make employees feel and act
like owners. Over 200 employees, suppliers and subcontractors attended our
2006 Christmas party at the Dulles Expo Center. Prior to the party, a
questionnaire distributed to employees asked them to answer three questions
on business operating expenses, such as "How much money does Peed
Plumbing spend per year in vehicle expenses?" The three employees who
guessed closest were congratulated at the party and given a $100 bill by
Gary. He also gave a $10 bill to each employee who submitted a guess.
This provides a great opportunity for all employees to think like owners and
play a part in reducing operating expenses.
May 2007
2007 MAC Employee Owner of the Year
Don Taylor, CALIBRE
Alexandria, VA
Don Taylor accepts MAC Employee of the Year Award
What can we say about Don Taylor that he would not already have said
hi
ms
e
l
f
? Don’
sr
e
p
ut
a
t
i
o
na
sac
ha
mpi
onofe
mpl
oy
e
eowne
r
s
hi
pi
swe
l
l
known beyond the corridors of CALIBRE, a management and technology
services company headquartered in Alexandria, Virginia.
Don joined CALIBRE when its doors opened in 1989 and he is now the
Director, Logistics Studies and Analysis. He is an outspoken and enthusiastic
supporter of all things CALIBRE and, in particular, all things related to our
ESOP and employee ownership culture.
Don brings a unique ability and style to his communication of employee
ownership, both to CALIBRE employee owners and employee owners
t
hr
o
ug
ho
utt
heESOPc
ommuni
t
y
.AtCALI
BRE,Doni
sk
nowna
st
he“
g
o
t
o”g
uyf
ori
nf
or
ma
t
i
ononhow ourESOPwor
k
s, and is able to answer all
those questions that regularly puzzle employee owners. Don can clarify the
most complicated of ESOP fundamentals to both new and seasoned owners
with unbridled enthusiasm, using both words and visual aids.
During Employee Owne
r
s
hi
pMo
nt
h,Donde
v
e
l
ope
da
ndt
o
okpa
r
ti
n“
Lunc
h
a
ndLe
a
r
n”s
e
s
s
i
ons
,e
mpl
oy
e
ee
s
s
a
yc
ont
e
s
t
s
,a
ndma
nyot
he
re
v
e
nt
st
ha
t
made our month-long celebration successful. He played a crucial role in the
development and subsequent analysis of our Employee Ownership Survey.
This survey allowed the Employee Ownership Advisory Committee (EOAC)
to target specific gaps in education and to better refine the type of media we
use to communicate. He also contributes regular articles on ESOPs and
employee ownership to the monthly newsletter, Bulletins. Don has developed
and emceed ESOP question and answer contests during our yearly picnic and
at other events. He has a unique ability to get people to join in and is always
looking for new ways to promote and communicate the ESOP.
Don has spoken at numerous MAC conferences and will go to any length to
get his message across. For example, how many speakers could actually get a
group of post-lunch attendees to join in on an ESOP-related, Marine Corpsstyle chant? Don is asked each year to speak or sit on panels at the ESOP
As
s
oc
i
a
t
i
on a
nn
ua
lc
onf
e
r
e
nc
ea
nd ha
sa
l
s
os
pok
e
na
tt
heAs
s
oc
i
a
t
i
on’
s
Te
c
hni
c
a
lConf
e
r
e
nc
e
. Hes
i
t
son t
heAs
s
oc
i
a
t
i
on’
sOwne
r
s
h
i
p Cu
l
t
ur
e
Committee, offering insight and sharing the CALIBRE experience.
Don has also spoken at the National Center for Employee Ownership/Beyster
Institute, Annual Conference.
(cont. next page)
(cont .next page)
(Peed Plumbing, cont.)
A member of the ESOP committee wrote and performed the
following ESOP rap song:
EARN WHILE YOU EARN
Let me explain what we’
re talking about
So when you leave here, you’
ll have no doubt
We come to work and work hard every day
Put in the hours and earn our pay
You also earn stock and I hope you understand
It all goes to your retirement plan
You’
re employee owners and you can help your stock grow
By doing a great job and keeping costs low
Being employee owned is a great benefit
Working for Peed Plumbing is time well spent
I appreciate all of you here today
I’
m Gary Peed and that’
s what I have to say
Attendees Get Orientated at
MAC ESOP Half Day
Conference
By Paul Horn
The Mid-Atlantic Chapter (MAC) of the ESOP Association held its 9th annual
half-day conference, “Er
i
c& Er
i
c
a
’
sESOP E-Ve
nt
ur
e
,
”on April 13 in
Charlottesville, VA. Over 60 participants from throughout MAC land
became new employees for the day at ESOP Enterprises, our imaginary
company.
The conference began at 10 am and concluded with lunch and the MAC
awards. Several golfers then enjoyed the fine weather with Rick Mapp at his
usual afternoon links outing at Birdwood CC.
The ESOP committee also constructed a “
Toilet Paper Toss”made out of
real toilets. Each toilet had a letter painted on the lid to spell “
ESOP.”Each
employee was given a chance to throw a roll of toilet paper into the toilets.
The winners received a new barbeque gas grill.
Congratulations Peed Plumbing!
********************************************
(Don Taylor, cont.)
MAC President Keith Robertson greeted the participants and showed pictures
of various cute animals getting ready for work. He then turned things over to
Carolyn Zimmerman and Tom Roback to lead attendees through their
orientation slideshow. Some slides were
intentionally misleading to generate
audience participation. Steve King was
f
i
r
s
tt
oa
c
k
nowl
e
dget
he“
ma
g
i
c
”wor
d
“
e
m
p
o
w
e
r
m
e
n
t
”
a
n
d
w
o
n
a
b
o
t
t
l
e
o
f
Don has served on the EOAC for 4 years. He served as the Chairman for 2
wine for his reading and attention skills.
oft
he
s
ey
e
a
r
s
.CALI
BRE’
se
mpl
oy
e
eowne
r
sr
e
c
e
nt
l
yde
mons
t
r
a
t
e
dt
he
i
r
Steve also amused the audience with his
continued confidence in Don by re-electing him to the EOAC for another 3comment that divorce was the big
year term. Don also served on the Board of Directors for 1 year as the
EOAC representative and thus, as a representative of all CALIBRE exception to the slide stating your ESOP benefit is safe from attachment. As
another attendee said, marriage is grand but divorce is one hundred grand.
employee owners.
Whok
ne
wweha
ds
oma
ny“
s
i
tdown”c
ome
di
a
ns
?
Al
i
nef
r
om Don’
sEOAC e
l
e
c
t
i
onbi
os
umsuphi
sp
hi
l
os
op
h
y
:“
When
employee ownership is supported with a commitment to education and
reinforced by corporate culture, the benefits accrue to individuals,
c
ompa
ni
e
san
dc
ommuni
t
i
e
s
.
”
Don is a firm practitioner of the CALIBRE EOAC motto to Add Value
Every Day. Congratulations Don!
Message from the President
This month I will have to keep my blabbering short and sweet. ComSonics
i
si
nt
hemi
ddl
eofac
or
por
a
t
es
of
t
wa
r
er
e
pl
a
c
e
me
nt
,byf
a
rt
hel
a
r
ge
s
twe
’
v
e
ever attempted. Our current program, which handles every significant
portion of our business (manufacturing, sales, finance, etc.) was phased in
over a period of 10 years. The new program is being implemented in 10
months!!
But succeeding at these types of projects enable a company to grow, and
t
ha
t
’
swha
tbus
i
ne
s
si
sa
l
la
bout
,i
mpr
ov
i
ngt
hev
a
l
uet
ot
hes
t
oc
k
hol
de
r
s
.
J
us
tbe
c
a
us
et
hos
es
t
oc
k
hol
de
r
sa
r
ea
l
s
ot
hee
mpl
oy
e
e
sdoe
s
n’
tc
ha
ng
ea
t
hi
ng
,a
n
di
nf
a
c
te
nha
nc
e
sac
or
por
a
t
i
on’
sa
bi
l
i
t
yt
ot
a
c
k
l
et
he
s
ec
ha
l
l
e
ng
e
s
in a succe
s
s
f
ulma
nne
r
.I
’
mc
e
r
t
a
i
nt
ha
to
urc
ul
t
ur
eha
sa
l
l
owe
dust
owor
k
together very well through trying times over the past months, through
situations that otherwise may have otherwise resulted in bodily injury!!
So, I thank those that attended our April Half-Day Conference, and put the
rest of you on notice that you missed a very fun event. I look forward to
seeing you again at our October conference (Friday, October 26th), and bid
you well until then.
Keith Roberston
MAC President
Returning from break, we divided into four groups for role-play as trustees,
appraisers, Board of Directors, and employees. Rick Mapp, Steven King,
Peter Briggs, and Ron Gilbert led the groups. Much of the discussion focused
on scenario #1, dealing with ESOP Enterprises going from a 49% to 100%
ESOP company, and scenario #2, with all stock allocated, now what?
After a great buffet lunch (the chicken parmesan with spaghetti was an
une
x
pe
c
t
e
ds
ur
pr
i
s
e
)
,t
heCha
pt
e
r
’
sEmpl
oy
e
eOwne
roft
heYe
a
r(
EOY)a
nd
ESOP Company of the Year (ECOY) were presented to Don Taylor
(CALIBRE) and Peed Plumbing respectively. Keith also surprised Paul Horn
with an award for meritorious service to the Chapter and bravery against
wicked witches of all types. (See full article on awards).
Then it was time for our raffle with outstanding prizes thanks to our generous
sponsors. Our raffle raised $305 for the Employee Ownership Foundation!
Thanks to all ticket purchasers. Everyone had an outstanding time. Chapter
Administrator, Deb Tompkins did a great job handling conference registration
and all that other stuff.
Thanks to our event sponsors for their continued support.
Ours
pe
a
k
e
r
sout
l
i
ne
ds
uc
hma
t
t
e
r
sa
s
,“
Whe
r
edoe
st
hemone
yc
omef
r
om?
”
:
Tax Favors: An ESOP
company can borrow
money to buy stock with
tax deductible principal
and interest payments
and
use
untaxed
di
v
i
de
n
ds (
“
e
a
r
ni
ng
s
”
)
on ESOP shares to pay
for stock.
Note that C corporation
dividends are deductible
when used to retire
ESOP debt.
Earnings
on
S
corporation stock used to retire debt are untaxed (but not deducted directly).
Current retirement plans can often be converted to an ESOP. For example, a
401
(
k
)c
a
nbec
onv
e
r
t
e
dt
oa40
1(
k
)+ESOP(
“
KSOP”
)a
n
dt
hepr
o
f
i
ts
ha
r
i
ng
match used to service debt incurred to buy stock going forward.
Particularly attractive is a direct loan from corporate retained earnings to an
ESOP. The company gets a tax deduction for paying itself back (Accounting
SOP 93-6).
Bill also noted that the process takes time because:
Most banks are asset-based lenders and look for balance sheet and seller
support of the deal.
ESOPs generally are not a“
t
a
k
e
-the-money-and-r
un”s
ol
ut
i
onf
orma
j
or
i
t
y
share !holders. Sellers are often on the hook for part of the transaction until
the loan is partially paid down.
February MAC Meeting in
Baltimore –ESOP Financing
By Thomas Roback, Jr
On February 22nd M&T Bank hosted a MAC seminar focused on ESOP
Financing. Jack Lewin of M&T and Bill Gust of Gentry Locke did an
excellent job of outlining the current ESOP Financing environment and the
attendees were able to ask specific questions.
Where the combined cash flow and balance sheet-based borrowing capacities
are not sufficient to support the deal you want, there are still mechanisms
available.
Rising management can sometimes put some money in the deal (though they
a
r
eof
t
e
nme
mbe
r
sof‘
s
ha
l
l
owpoc
k
e
t
sa
nony
mous
)
.
Seller financing –often with a direct loan to the ESOP augments or avoids the
“
mi
r
r
orl
oa
n”ba
nk
i
ngt
r
a
ns
a
c
t
i
o
n
.
For most successful closely held corporations, the balance sheet borrowing
capacity is less than the cash flow-based borrowing capacity. The maximum
Jack Lewin got the discussion started by providing an overview of recent stand-alone debt is usually the lesser of either 1) balance sheet and cash flow
M&T transactions and the current rate environment. The executive dining borrowing capacity, or 2) a multiple of cash flow to debt. It is also standard
room of M&T was an appropriate venue for the meeting as it has seen plenty for the selling shareholder(s) to make a limited guaranty for the
of ESOP deal meetings over the years. While Jack made it clear that M&T uncollateralized portion of the loan. This limited guaranty is secured by his or
a
ndma
nyot
he
rba
nk
sa
r
e“
ope
nf
orbus
i
ne
s
s
”
,t
he
r
ei
ss
t
i
l
lnoq
u
e
s
t
i
ont
ha
t her personal assets and sales proceeds are often used as collateral to support
banks favor stable, predictable cash flow and that some deals are often better the limited guaranty. This guaranty is reduced as the company pays down
off being seller-financed.
principal debt and the ratio of loan to fair market value decreases.
Bi
l
lGus
tt
i
t
l
e
dhi
spr
e
s
e
nt
a
t
i
on“
Fi
nd
i
ngt
heMo
ne
y–How to Finance TaxShe
l
t
e
r
e
dESOP Tr
a
ns
a
c
t
i
ons
”a
nds
t
a
r
t
e
dwi
t
haj
ok
ea
ndal
e
s
s
ont
ha
t
t
hi
ng
sa
r
e
n’
ta
l
wa
y
sa
st
he
ys
e
e
m.Bi
l
l
’
ss
t
r
onge
s
t
a
t
epl
a
nni
ngba
c
k
g
r
ound
was apparent as he started with schematics outlining how business owners
typically end up with a large percentage of their net worth in their closely
held business. Without an ESOP, the growth of the business is taxed, the
transition of the business is taxed, and death (or horizontal retirement as Bill
calls it) can be taxed. According to a University of Michigan study, business
owners generally have the following objectives in the following order:
To maintain their business in perpetuity ;
To generate personal liquidity from the business
To avoid paying personal income taxes on the transaction.
Bill shared insight of other considerations he has seen impact ESOP
transactions, such as bonding (especially for construction companies),
franchisor approvals, repurchase obligations, and many others. Several new
ESOPc
ompa
ni
e
sl
i
k
et
hei
de
aofus
i
nga“
t
a
x
-f
r
e
eESOPc
a
s
hwa
r
e
hous
e
”
approach to get started. This involves the plan sponsor contributing tax
deductible dollars to the ESOP for the first few years. This approach uses less
leverage, keeping key bank ratios and covenants healthy. Caution is
recommended when using this approach since the ESOP must be primarily
(51%) invested in company stock. The timeframe governing the 51% rule is
unclear so the subject is debatable.
Finally, Bill and Jack shared some important considerations when financing
ESOP business succession. Work with experienced ESOP professionals,
Bill and his ESOP feasibility team have found that a tax-sheltered sale of coordinate business continuity with both personal and corporate strategies,
stock to an ESOP meets these objectives as well as any solution available. and be prepared to deal with complexity! We appreciated the knowledge
Howe
v
e
r
,whi
l
eBi
l
l
’
sc
l
i
e
nt
sa
p
pr
e
c
i
a
t
ea
nESOPa
saf
i
na
nc
i
a
le
ng
i
ne
,he shared, and thank those who attended.
often has to remind them that an ESOP is a qualified retirement plan under
IRC § 401(a) to invest primarily in company stock. Solid administration and
maintenance of these plans are critical.
ESOPs and Government
Contractors Discussed at
January MAC Meeting in
Tysons Corner
By Michael R. Holzman, Morgan, Lewis & Bockius, LLP
On January 18, 2006, the Tysons Corner, VA office of the law firm Squire,
Sa
nde
r
s
, & De
mps
e
y
, LLP hos
t
e
d a pr
e
s
e
nt
a
t
i
on on ESOP’
sa
n
d
Government Contracts given by Bob Webb and Michael Holzman. The
interactive event was both well attended and engaging.
All facets of the ESOP community were in attendance including valuation
experts, lenders, ESOP reinvestment specialists, ESOP attorneys, business
brokers, and deal makers which made for a lively discussion.
Bob Webb started the presentation which began with an introduction to
ESOPs and then proceeded to the nuances of an ESOP sponsored by a
government contractor. Michael Holzman highlighted the idea that the
combination of an ESOP with a cost-plus government contractor reaches the
pinnacle in ESOP benefits, in that, through proper planning, a business
owner can (1) sell some up to all of his stock tax-free to an ESOP, while (2)
the company deducts the cost, and (3) to the extent of cost-plus contracts, the
government contractor is reimbursed by the federal government for the
ESOP’
sc
os
ti
npur
chasing the business owners stock. And all of this
ultimately benefits those responsible for the success of the company—its
employees. When you add this to the advantage of the company being able
to operate tax-free by virtue of being a 100% ESOP owned S corporation,
the benefits are unparalleled. The combination of all of these benefits,
Michael pointed out, has resulted in area government contractors
experiencing tremendous growth and profits with some becoming some of
the largest non-publicly traded companies.
Some of the ESOP nuances unique to government contractors that were
presented are:
-Designing a plan to preserve 8(a) status for as long as desired by
the company;
-the impact of the change of ownership on government contracts;
-the unique procedures lenders must undergo to collateralize an
ESOP loan with government contracts;
-reimbursability of ESOP costs for cost-plus government
contractors.
See you in
D.C.!!!!
Paul
Opines
Be
war
et
hewol
fi
ns
he
e
p’
sc
l
o
t
hi
ng,
asap
pe
ar
a
nc
e
sc
anbede
c
e
i
v
i
ng.
Ae
s
op’
sf
a
bl
eoft
hewi
l
ywol
fc
a
na
l
s
oa
pp
l
yt
oc
ompa
ni
e
s
.OurLa
t
i
n-caveat emptor –instructs us that the buyer (in this case the employee) should
beware.
Some ESOP companies masquerade as employee-owned entities, putting this
lingo on their web site, stationery, and company shirts. The ESOP may own
a
l
lt
hes
t
oc
kbutt
heor
g
a
ni
z
a
t
i
o
n’
sc
ul
t
ur
ei
snomor
epa
r
t
i
c
i
pa
t
or
yt
ha
ni
t
s
non-ESOP competition. The ESOP is simply a retirement benefit invested in
employer stock that may have entered from stage left, replacing an existing
profit sharing or employer matching contribution.
Employees quickly see through the façade of misrepresented employee
ownership. Cognitive dissonance sets in, then distrust, and soon its cousin
loyalty goes out the door. Hierarchical management practices do not change
and the song remains the same. Switching from Led Zeppelin to The Who in
an ESOP column is difficult, even for a child of the seventies. Perhaps Roger
Daltrey was singing about some ESOP conversions when he s
a
i
d,“
Me
e
tt
he
ne
wbos
s
,s
a
mea
st
heol
dbos
s
.Won’
tg
e
tf
ool
e
da
g
a
i
n.
”
I
t
’
snotne
c
e
s
s
a
r
i
l
yba
dt
oj
us
tb
ea
nESOPt
ha
ti
sar
e
t
i
r
e
me
ntv
e
hi
c
l
ea
nd
nothing more. If the company serendipitously prospers, the ESOP also will
do well and employees may have more retirement dollars than before. On the
other hand, these ESOPs are not really employee-owned companies and
communicating them as such can have deleterious consequences.
So what are some indicia of true employee-owne
d,ESOPc
ompa
ni
e
s
?He
r
e
’
s
a short list:
 Treat employees like real shareholders.
o Have employee pass-through voting for the Board of
Directors.
o Al
l
ow e
mpl
oy
e
e
st
oa
t
t
e
nd t
he a
nnua
ls
ha
r
e
hol
de
r
’
s
meeting.
o Pay a dividend/distribution to ESOP participants.
 Design your ESOP distribution, diversification and vesting rules to
be more favorable than the maximum periods allowed by the IRS.
 Have an ESOP Advisory Committee that is elected by employees,
has an event budget, and sends it members to ESOP conferences.
 Provide short-term incentives to all employees to parallel the longterm incentive of the ESOP.
 Practice open book management to show employees how their
actions directly affect the bottom line and reward employees who
apply this connection.
 Give employees the training, tools, and career ladder to be
successful.
Ma
k
i
nge
mpl
oy
e
e
st
hi
nkl
i
k
eowne
r
si
s
n’
te
a
s
y
.Wi
ndow dr
e
s
s
i
nga
ndwe
b
s
i
t
el
i
ng
owon’
tdoi
t
.I
fESOPc
ompa
ni
e
sr
e
a
l
l
ywa
nte
mpl
oy
e
e
st
oa
c
tl
i
k
e
owners, start treating them like ones.
Mid-Atlantic Chapter Officers
Dr. ESOP
Dear Dr. ESOP:
I wasj
us
ts
e
l
e
c
t
e
dasat
r
us
t
e
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o
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s10
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t
like with a baby, the job came with no instructions. What do I need
to know about my duties and responsibilities?
Sincerely,
Challenged in Chantilly
Dear Challenged:
The bad news is y
ou’
r
eat
r
us
t
e
e
.Theg
oodne
wsi
st
ha
tot
he
r
sha
v
e
gone before you and we can learn from their experience.
President:
T. Keith Robertson
ComSonics, Inc.
(540) 434-5965 x1251 Fax: (540) 434-9847
krobertson@comsonics.com
Vice-President-Membership:
Paul S. Horn
WorkPlace Consultants, LLC
paulhorn@workplaceconsultants.net
Chapter Secretary:
Carolyn Zimmerman
ESOP Explanations
(540) 672-7841 Fax: (540) 672-7840
zimmerman@gemlink.com
Corporate governance deals with the duties and interactions of the
c
ompa
ny
’
sBoa
r
dofDi
r
e
c
t
or
s
,o
f
f
i
c
e
r
s
,a
nds
ha
r
e
hol
de
r
s
. As
i
mi
l
a
r
governance process applies to you as ESOP trustee and your
responsibility under ERISA to act solely in the interests of ESOP
participants.
Regional Vice-President –Capital Region:
Tom Roback
Blue Ridge ESOP Associates, Inc.
(410) 747-4840 Fax (410) 747-4839
troback@bluerdigeesop.com
Plan governance and corporate governance overlap in an ESOP
company because the ESOP is a special type of retirement plan
consisting primarily of stock in your company. ERISA holds
transactions between the employer and the ESOP to a high standard of
scrutiny. Proper documentation of your fiduciary decision-making
process is critical to demonstrate compliance, for example, with
ERI
SA’
spr
ude
nc
er
e
qu
i
r
e
me
nt
sa
ndpr
oh
i
bi
t
i
o
nsa
g
a
i
ns
ts
e
l
f
-dealing.
Regional Vice-President –Eastern Virginia:
Richard C. Mapp III
Equity Strategies LLC
Kaufman & Canoles
(757) 624-3285 Fax: (757) 624-3169
rcmapp@kaufcan.com
Some folks in ESOP companies wear several hats (e.g., cowboy, top,
Panama). With these potential conflicts of interest, good plan
governance requires good corporate governance. Some best practices
for a majority ESOP trustee include having: the Board add qualified
outside members, certain Board committees led by the outside
members (e.g., audit, compensation), and the Board provide you with
information on company actions so you can effectively protect
pa
r
t
i
c
i
pa
nt
s
’i
nt
e
r
e
s
t
s
.
ESOP governance is complex but you are not expected to be an expert.
Nor does ERISA require that all your decisions be correct. However,
ERISA does expect you to make well-reasoned determinations on the
facts available and to engage qualified experts to help you make these
decisions.
Remember, the Dr. is always in as your qualified expert –provided the
price is right.
Sincerely,
Dr. ESOP
Regional Vice-President –Western Virginia:
Glenda Ritchie
Transprint USA
(540) 433-9101 Fax: (540) 433-6358
glenda@transprintusa.com
Chapter Administrator:
Deborah Tompkins
midatlanticesop@comcast.net
CORPORATE MEMBERS
Chris Smith, Chemonics International Inc., Washington DC
Marilyn Small, HC Yuand Associates, Glen Allen, VA
John W. Morsch, Nielsen Builders Inc., Harrisonburg, VA
William H. Speakman, III, AHL Shipping Company, Chevy Chase, MD
Jamie Ellis, SC&H Group, Inc., Sparks Glencoe, MD
PROFESSIONAL MEMBERS
Annmarie McGavin, Buchanan Ingersoll, PC., Washington, DC
Janine Bosley, Buchanan Ingersoll, PC., Washington, DC
James S. Kolan, Equity Strategies LLC, Norfolk, VA
Terry Parsley, Hirschler Fleischer, Richmond, VA A.J. Phelan
Howard L. Clemons, Pillsbury Winthrop Shaw Pittman LLP, Mc Lean, VA
David R. Bogus, Ellin & Tucker, Chartered, Washington, DC
Chris Rosenthal, Ellin & Tucker, Chartered, Washington, DC
William J. Yaeger, Jr., Herndon, Morton, Herndon & Yeager, Wheeling, WV
Paul Horn, WorkPlace Consultants LLC, Bethesda, MD
* Please let us know if we missed you.
Contact:
Deborah Tompkins
Chapter Administrator
P.O. Box 625 Stow MA
01775
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