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How to Choose Employee Ownership Consultants

5. Choosing an Administrator

ESOP Issues

Here the task in selecting a service provider is relatively simple. Find an administrator with a good reputation, demonstrated expertise, and acceptable fees. The administrator will keep all the records, make sure forms are filed with the government, work with you to make sure participants get the information and distributions they need, and help integrate your plan into other plans you may have. The administrator should also be capable of helping you assess your repurchase obligation and plot strategies to deal with it. An accomplished administrator should also be a participant in the plan design phase, helping you to structure the plan so that you can actually live with it. It is advisable that your administrator be able to administer all your retirement plans. ESOP plan administration firms can do this, but many firms that focus on 401(k) or other plans may not have the right skills and systems for ESOPs.

Equity Compensation Issues

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