Overview
Ted Becker and Allison Wilkerson will be speaking at The ESOP Association (TEA) Employee Owned Conference 2024. McDermott Will & Emery is a proud sponsor the conference, which will be held in Las Vegas, Nevada on November 13–15. Register today and join us for the following sessions.
DOL Investigations – Past, Present, Future
Speaker: Ted Becker
Thursday, November 14 | 9:45 – 10:45 am
ERISA was signed into law on Labor Day 1974 — 50 years ago. The U.S. Department of Labor has responsibility for administering and enforcing the provisions of Title I of ERISA, including regulating ESOPs. The DOL’s approach to investigating ESOPs has evolved over the years. This session reviews those changes, explains current DOL investigation procedures, and looks ahead to significant future changes in view of recent legislation and court decisions. Learning objectives include:
- Review the major ways DOL investigations have evolved over the past 50 years.
- Explain what to expect currently in a DOL Investigation.
- Project changes in future DOL investigations.
Art of the Possible – Sophisticated Sustainability Considerations
Speaker: Allison Wilkerson
Friday, November 15 | 8:00 – 9:00 am
Long-term ESOP ownership requires active understanding of the benefits to be provided under the plan and how they may change as an ESOP matures. Managing repurchase obligation and the ability to provide ongoing benefits to the active employee population is key to a successful ESOP. A Board of Directors should be aware of ESOP requirements and plan for ongoing ESOP benefits and understand the various “tools” by which an ESOP may be sustained. An active and ongoing review can allow the Board of Directors to balance benefits owed and accruing to active and terminated participants and ensure the ESOP remains a viable ownership structure. Finally, the company must understand the current regulatory and litigation environment as it considers alternatives for promoting a sustainable ESOP. Learning objectives include:
- Understand how age (time from implementation) may affect an ESOP’s structure and benefits.
- Parse responsibilities for a sustainable ESOP and focus on corporate governance options for addressing company obligations.
- Consider how regulatory requirements and litigation informs sustainability planning.
Executive Series – Policy Regulatory Discussion
Speaker: Allison Wilkerson
Friday, November 15 | 9:30 – 10:30 am
In this session, we will focus on litigation and regulatory trends challenging the general operation of ESOP plans, for example:
- Releveraging – Central State complaint challenging releveraging as a fiduciary breach
- Conversion/Segregation of Accounts – new complaint challenging segregation of former employee accounts
- Non-Stock Assets and investment of same in your ESOP
- DOL/IRS Audit/Investigation Trends
