Using an employee stock ownership plan (ESOP) as a vehicle for a company owner to sell to family members or their management team has been made more expensive — and may become a lot less popular — after the settlement of a lawsuit between the U.S. Department of Labor (DOL) and First Bankers Trust Services Inc.
Article
Maran settlement may make ESOPs more expensive
October 27, 2017 / 5 min read
The Maran settlement adds to the rules ESOPs must follow, especially around control, and the fines levied serve as a cautionary tale: Don't set up an ESOP without proper oversight and attention to detail. Read more at Benefits Pro.
