SG&F ESOP News | SG&F Law - Part 3


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SES’ sister law firm SG&F to Sponsor and Paul Fusco to Present at the NCEO Feasibility and Best Practices for S Corporation ESOPs Seminar in Scottsdale, AZ

Date:  February 25, 2014 Location:  Chaparral Suites, 5001 North Scottsdale Road, Scottsdale, AZ SES Advisors is pleased to sponsor and present at NCEO's Feasibility & Best Practices for S Corporation ESOPs seminar to be held February 25, 2014 in Scottsdale, AZ.   This one-day meeting brings together leading experts from around the country to provide a practical, step- by- step guide to determine if an ESOP will work for you, and if it does, how to set up a plan that will work. Paul Fusco  will ... Read more

2014 Cost of Living Increases for Dollar Limitations on Benefits and Contributions

On October 31, 2012 the Internal Revenue Service announced cost-of-living adjustments applicable to dollar limitations for pension plans for tax year 2014. Read more

SG&F Adds ESOP Attorney and Opens Upstate NY Office

Rochester, NY, October 31, 2013 – Steiker, Greenapple and Fusco, P.C. (SG&F), a national law firm specializing in Employee Stock Ownership Plans (ESOPs), announced today that it has opened a new office in Rochester, New York and has added a new ESOP attorney. Paul S. Fusco, formerly of Boylan Code LLP, joins SG&F as a senior associate and will be located in SG&F’s new Rochester office. The Rochester office will work closely with SG&F’s other six offices and with SES Advisors, Inc., ... Read more

SES Congratulates Grand Central Oyster Bar on 100 Years

Janet Poccia and Mohammed Lawal, as well as Steve Greenapple, are featured in this US Business Executive magazine article. Read more

Pennoni Associates Ranks in Top 100 on ENRs List of Top Design Firms

Pennoni Associates, an award-winning consulting engineering and design firm headquartered in Philadelphia, is pleased to announce its ranking as #92 on Engineering News-Record’s (ENR) annual list of the Top 500 Design Firms. This is the third year in a row that the firm has landed in the top 100. ENR, a publication of McGraw-Hill, publishes Top Firm lists annually. This current listing ranks the largest 500 engineering, architectural, and environmental design firms by revenue and ranks the largest firms in a ... Read more

U.S. Congressman David N. Cicilline (D-RI) Visits Gripnail

As part of its committment to promoting employee ownership to members of Congress, Gripnail Corporation invited U.S. Congressman David N. Cicilline (D-R.I., Dist. 1) to tour the facility and meet with employee-owners in East Providence on August 7. Gripnail Corporation specializes in fastening to the surface of metal. In 2004 Gripnail became a 100 percent employee owned company. As an ESOP, everyone who works for Gripnail or Gripnail's Amtak marketing division has a vested interest in making certain that customers needs ... Read more

FASB Indefinitely Defers Disclosure Requirements

On June 12, the Financial Accounting Standards Board (FASB) announced that it would "indefinitely defer certain disclosures about investments held by a nonpublic employee benefit plan in its plan sponsor's own nonpublic equity securities." FASB had originally proposed disclosures that would have required a description of the specific valuation methods used and the specific rates applied. Today's project updates for Fair Value Measurement Disclosures of Private Company Equity Securities by Employee Benefit Plans are now online. FASB solicited feedback during May ... Read more

Pro-ESOP Bill Introduced in the House

n May 17, 2013, Congressmen Brett S. Guthrie (R-KY), David Loebsack (D-IA), and Congresswoman Lynn Jenkins (R-KS) introduced H.R. 2041, a bill to modify the definition of fiduciary under the Employee Retirement Income Security Act of 1974 to make clear appraisers of employee stock ownership plans (ESOPs) are not ERISA fiduciaries. H.R. 2041 is the companion bill to S. 273 introduced by Senator Kelly Ayotte in February 2013. This bill is a response to the Department of Labor’s (DOL) proposed anti-ESOP ... Read more

Paul Farrell, President & CEO of SES Client Modern Group, Featured in Philadelphia Business Journal CEO File

Philadelphia, PA - May 10, 2013 - SES Advisors congratulates Paul Farrell, President and CEO of Modern Group, on his recent interview with the Philadelphia Business Journal. Modern Group is a leading distributor of forklifts, warehouse products, construction equipment, generators and stand-by power generation, serving customers throughout New Jersey, Pennsylvania and Delaware since 1946. Paul joined the company in 2004 and was recently promoted to President and CEO. Modern Group became 100% employee-owned in 2003. Read the CEO File interview or ... Read more

Steven Greenapple Appointed New Chair of The ESOP Associations Legal & Regulatory Committee

Philadelphia, PA and Cedar Knolls, NJ – April 24, 2013 – Steiker, Greenapple and Fusco, P.C. (SG&F), a national law firm focusing on Employee Stock Ownership Plans (ESOPs), has announced that Shareholder Steven Greenapple has been appointed to take over as Chair of The ESOP Association’s Legal & Regulatory (L&R) Committee beginning on May 1, 2013. Steve has been active in The ESOP Association for over 20 years, serving as Vice President of the NJ/NY chapter from 2008-2012 and on the ... Read more

Steiker, Greenapple and Fusco, P.C. Announces 2012 Employee Ownership Success, New NJ Partner & Shareholder Board Appointment

Philadelphia, PA; Cedar Knolls, NJ; Burlington, VT - March 5, 2013 – Steiker, Greenapple and Fusco, P.C. (SG&F), SES Advisors' sister law firm focusing on Employee Stock Ownership Plans (ESOPs), has announced its 2012 ESOP transaction results, the hiring of a new partner in the New Jersey office and a board appointment for its managing shareholder in Vermont. SG&F is proud to have completed 35 ESOP transactions in 2012 with a total transaction dollar volume exceeding $1.6 billion - including 11 ... Read more

New Hamphire Senator Kelly Ayotte Renews Work to Protect Employee Ownership: Introduces Pro-ESOP Bill, S. 273

On February 13, 2013, Senator Kelly Ayotte (R-NH) introduced S. 273, a bill to modify the definition of fiduciary under the Employee Retirement Income Security Act of 1974 to exclude appraisers of employee stock ownership plans (ESOPs). The bill is co-sponsored by Senators Roy Blunt (R-MO), Mary L. Landrieu (D-LA), and Mitch McConnell (R-KY). This bill is a response to the Department of Labor's (DOL) proposed anti-ESOP regulation mandating all private ESOP company appraisers be ERISA fiduciaries. Read the full press ... Read more

New Jersey Assemblyman Upendra Chivukula Introduces ESOP Bill

On January 8, 2013, NJ Assemblyman and Deputy Speaker of the New Jersey State Legislature, Upendra Chivukula, introduced a bill to encourage small businesses to establish ESOPs in the state. The bill provides a gross income tax exclusion for certain capital gains from the sale of employer securities of a non-publically traded business to an employee stock ownership plan, a New Jersey S corporation owned by an employee stock ownership plan, or an eligible worker-owned cooperative, benefiting employees of the business ... Read more

New Study Finds that Employee Ownership Saves U.S. Government Over $37 Billion in Unemployment

In a joint project with the Employee Ownership Foundation, the NCEO found that employee ownership averts a substantial amount of unemployment and saves the government over $37 billion. Data from the 2010 General Social Survey shows that in 2010, for instance, 12.1% of all working adults in the private sector report having been laid off in the last year, compared to just 2.6% of those respondents who says they own stock in their company through some kind of company-sponsored employee ownership ... Read more

SES CEO & Corporate Attorney Jim Steiker Posts Rebuttal to Ben & Jerry’s Article

Jim Steiker, founder of SES and of our sister law firm of Steiker, Greenapple, & Fusco, P.C., has focused his law practice on employee-owned companies and socially responsible businesses for 25 years. Jim represented a group of independent, socially-motivated investors who attempted to take Ben & Jerry's private in lieu of a proposed sale of the company to a large competitor. He later represented Ben Cohen, one of the company's founders, in the sale to Unilever in 2000 and helped negotiate ... Read more
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