Loren Rodgers
NCEO Board Election Closes on January 17
Over 300 people have voted in the election for the NCEO's board of directors, and balloting will close this Friday, January 17, at 5 pm Pacific time.
Employee Ownership Blog
Loren Rodgers
NCEO Board Election: Ballots Open on January 7
Members in good standing of the NCEO will receive an email on Tuesday, January 7, 2020, announcing the board elections. The email will include a link to a confidential electronic ballot. Directors will be selected through this election and appointment by existing board members for the upcoming board term, which runs from April 1, 2020, through March 31, 2023. Balloting will end on January 17.
Corey Rosen
IRS Rules That Typical ESOP Floor Price Protection Plans Are Taxable
In General Legal Advice Memo 2019-03, the IRS ruled that payments from a company to a former employee under an ESOP price protection plan are immediately taxable if made directly to the employee, but not if the employer makes a special "qualified non-elective contribution" to the plan that is allocated to the former employee’s account and then distributed as part of the ultimate account distribution. Once those funds are distributed, they would be taxed under normal distribution rules.