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Tables of Contents for Employee Stock Ownership Plans
Chapter/Section Title
Page #
Page Count
What's Inside
Preface
About the Editors
About the Computer Disc
Disc Contents
An Introduction to Employee Ownership
Corey Rosen
The Employee Ownership Landscape
3
1
A Primer on Leveraged ESOPs
4
15
Special S Corporation Issues
19
2
Making the ESOP Decision
21
2
Other Forms of Broad Employee Ownership
23
5
Employee Ownership as an Employee Benefit
28
1
Employee Ownership and Employee Motivation
29
1
Employee Ownership and Corporate Performance
30
2
Conclusion
32
1
Financing the Leveraged ESOP
Kenneth E. Serwinski
The Four C's of Lending
33
3
ESOP Loan Structure
36
1
What the Lender Will Ask For
37
1
The Borrower's Perspective
38
1
What Should the Borrowers Look For?
39
1
Conclusion
40
1
Reinvesting the Section 1042 Rollover
Michael E. Coffey
James H. Willis
The Basic IRC §1042 Rules
41
1
Qualified Replacement Property (QRP)
42
2
Investor Objectives
44
3
Investment Options
47
7
Conclusion
54
1
Notes
55
2
An Introduction to ESOP Valuation
57
22
John W. Murphy
John P. Murphy
Factors to Consider
57
6
Approaches to Business Valuation
63
4
Selecting Capitalization and Discount Rates
67
2
Tax Shield
69
1
Premiums and Discounts
69
5
Common Valuation Errors
74
2
Regulatory Issues
76
2
Conclusion
78
1
Notes
78
1
Procedural Prudence and Technical Thoroughness in the Business Valuation Process
79
16
Myron Marcinkowski
R. Bruce Den Uyl
The Roles of Fiduciaries and Financial Advisors
79
2
The Definition of Procedural Prudence
81
2
The Application of Procedural Prudence
83
6
The Definition of Technical Thoroughness
89
1
The Application of Technical Thoroughness
89
4
Conclusion
93
1
Notes
93
2
Employee Buyouts of Corporations, Subsidiaries, Divisions, and Product Lines
95
28
Malon Wilkus
The Rise of Employee Buyouts
95
3
Leveraged Buyouts of Corporate Divestitures
98
1
Standard Leveraged Buyouts
99
2
Employee Buyouts
101
2
Union Considerations
103
2
Leveraged Buyout Financing Structure
105
5
Structure of a Typical LBO
110
1
Advantage of Employee Buyouts over LBOs
110
10
Conclusion
120
3
Accounting for Employee Stock Ownership Plan Transactions
123
26
Rebecca J. Miller
Background
123
2
Specific ESOP Accounting Authority
125
2
Balance Sheet
127
6
Income Statement and Earnings per Share
133
3
Income Statement Presentation Under SOP 93-6
136
2
Earnings Per Share: Reporting Considerations Through 1992
138
2
SOP 93-6 Effect on the Measurement of Earnings per Share
140
1
Footnote Disclosures
140
1
Special Issues
141
3
ESOPs in Leveraged Buyouts
144
3
Nonleveraged ESOPs
147
1
Partially Leveraged ESOPs
148
1
Conclusion
148
1
Administration of Employee Stock Ownership Plans
149
12
Donald M. Israel
David B. Weinstock
Timothy P. Fisher
Defining the Players
149
1
Data Collection and Trust Accounting
150
1
Determination of Stock Allocation
151
2
Annual Complaince Issues
153
2
Employee Communication
155
2
Valuation
157
1
Repurchase Liability
157
1
Benefit Distributions and Elections
158
1
Periodic Planning Review
159
2
The Duty of the ESOP Trustee to Vote and Tender Stock
161
18
Stephen J. Hartman, Jr.
Definition
162
1
Trustee Analysis
162
2
Directed Voting
164
1
Pass-Through Voting
165
2
Pass-Through Procedures
167
4
Effect of Pass-Through Voting on ESOP Trustee
171
2
Override of Plan Provisions for Voting/Tendering
173
2
When to Override
175
2
Conclusion
177
2
ESOP/401(k) Combinations: Administrative Issues and Perspectives
179
12
Anthony Mathews
Plan Designs
179
2
Administrative Issues and Guidelines
181
3
Testing Issues and Guidelines
184
5
A Final Planning Option (Dividends) and Cautions
189
1
Conclusion
190
1
The Rights of ESOP Participants
191
34
David Ackerman
Steven R. Lifson
Participants' Rights to Information
191
6
Claims Procedures
197
5
Special Rights of ESOP Participants
202
3
Participants' Remedies for Breach of Fiduciary Duties
205
12
Conclusion
217
1
Notes
217
8
ESOP Benefit Distribution Rules
225
26
Ronald L. Ludwig
Laurence A. Goldberg
Karen D. Ng
Distribution after Termination of Employment
225
5
In-Service Distributions
230
3
Other Considerations
233
3
Marketability of Distributed Stock
236
4
Federal Tax Consequences of Distribution
240
6
Reporting Distributions
246
1
Conclusion
247
1
Notes
247
4
Repurchase Obligation Issues
251
26
Timothy J. Regnitz
What Is a Repurchase Obligation?
251
1
What Is a Repurchase Liability Study?
252
1
Who Should Pay for the Study?
252
1
How Does the Repurchase Obligation Affect Value?
253
1
What Does a Repurchase Liability Study Look Like?
254
18
Funding the Repurchase Obligation
272
3
Conclusion
275
2
Funding ESOP Repurchase Obligations with Life Insurance
277
8
Judith L. Kornfeld
Introduction
277
1
Death Benefit Protection
278
1
Cash Accumulation Funding
279
3
Factors Affecting Life Insurance Policy Performance
282
1
Tax, Legal, and Fiduciary Issues
282
1
Conclusion
283
2
ESOPs and S Corporations
285
24
David Ackerman
The New Tax Laws
285
6
Planning Opportunities Under the New Law
291
4
The S Corporation Election
295
6
Conclusion
301
1
Notes
302
7
Employee Stock Options and Related Equity Incentives
309
40
David R. Johanson
Glossary
310
2
Statutory Stock Options: Overview
312
1
Incentive Stock Options
312
6
Section 423 Employee Stock Purchase Plans
318
5
Nonqualified (Nonstatutory) Stock Options
323
3
Choosing Between Statutory and Nonstatutory (Nonqualified) Stock Options
326
1
Design Issues
327
2
Restricted Stock
329
5
Securities Laws and Stock Options
334
6
Special Tax Provisions and Stock Options
340
2
Stock Appreciation Rights and Stock Options
342
3
Conclusion
345
1
Notes
345
4
Section 423 Employee Stock Purchase Plans
349
16
Howard J. Levine
Kathleen R. Schwappach
How Section 423 Plans Work
350
1
Statutory Requirements under Section 423
350
6
Tax Consequences to Employees upon Grant and Exercise of the Options
356
1
Tax Consequences to the Employee When the Stock Is Sold
356
1
Tax Consequences to Employers
357
1
Withholding on Disqualifying Dispositions
358
1
Reporting and Disclosure under IRC §6039
358
1
Application of ERISA
359
1
Accounting Treatment of Employee Stock Purchase Plans
360
1
Federal Securities Law Considerations
361
2
Conclusion
363
2
The Profit Sharing Plan Alternative
365
12
Marilyn H. Marchetti
Profit Sharing Plans vs. ESOPs
365
1
Investment in Company Stock
366
1
Leveraging Capability
367
1
Deductions and Contributions
367
1
Plan Loans and Hardship Withdrawals
368
1
Timing and Manner of Benefit Distributions
368
1
Forms of Distributions to Participants
368
2
ESOP Participants' Diversification Rights
370
1
ESOP Participants' Right to Receive Securities or Cash
370
1
ESOP Independent Appraiser Requirement
371
1
ESOP Voting Requirement
371
1
ESOP Dividend Deduction
372
1
ERISA and Code Fiduciary Considerations
372
2
Future Stock Purchases
374
1
Conclusion
375
1
Notes
375
2
Index
377