How Your ESOP Administration Provider Can Benefit Your Business

Posted by Aaron Juckett, CPA, CPC, QPA, QKA on Thu, Jun 04, 2020
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It’s important for your ESOP administration provider to do more than just administer your organization’s ESOP plan. They should work with you to make sure your plan meets federal rules and regulations, and that’s exactly the approach ESOP Partners takes. We look at your plan from every angle to ensure it will support your long-term objectives. This holistic, problem-solving approach helps you make the right decisions for your employees and the organization as a whole. Learn more about this 360-view by watching this video!  


[TRANSCRIPT]


As an ESOP specialist, we do record keeping better than anyone. We have our own proprietary record keeping system. We have knowledge of the rules and regulations and the compliance testing specific to ESOPs. So we check that box.

We are making sure your plan stays in full compliance. If you've got upcoming issues, we're looking for those issues and we’re suggesting alternatives. If you have some kind of a testing failure, we're suggesting remedies and planning ways to prevent them from happening again.

In addition to that, it's our 360 approach. In addition to the administration, we look at the long term objectives of the ESOP of the company and we look at where it is headed from a repurchase obligation standpoint.

We ask questions about the culture and communications, and we provide guidance. We're partners with our clients in making sure that the culture is headed in the direction the company is looking for.

We work with the company, and we work with the Board of Directors to monitor the repurchase obligation and the long term direction of the company and the ESOP.

 

Is your ESOP administrator meeting your needs? Learn what a good ESOP Administration Partner should offer by clicking here. Then take our FREE ESOP Self-Assessment survey.

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Topics: ESOP Administration

Aaron Juckett, CPA, CPC, QPA, QKA
Written by Aaron Juckett, CPA, CPC, QPA, QKA

Aaron is President and Founder of ESOP Partners and provides implementation, administration, and consulting services to hundreds of companies. He is a member of The ESOP Association (TEA) and the National Center for Employee Ownership (NCEO).

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