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ESOP Repurchase Obligation Insights

Judith Kornfeld

(author)Judith L. Kornfeld ( is president of ESOP Economics, Inc., a Philadelphia, PA, firm that specializes in repurchase obligation services for employee stock ownership plan (ESOP) companies. The firm performs repurchase obligation studies and provides consulting services to assist companies in developing strategies for managing and funding repurchase obligations. It also offers Telescope, a software program for projecting ESOP repurchase obligations.

Judy has been working with ESOP companies for more than 20 years. She speaks at many ESOP-related conferences and has authored a number of articles on repurchase obligation issues that have appeared in the Journal of Pension Benefits, the NCEO's Journal of Employee Ownership Law and Finance, the NCEO's book The ESOP Repurchase Obligation Handbook, and the ESOP Report. Judy received her law degree from the University of Pennsylvania Law School and her M.B.A from The Wharton School.

Judy chairs the Interdisciplinary Advisory Committee on Fiduciary Issues of the ESOP Association (TEA). She also serves on TEA's Advisory Committee on Finance and is a past chair of that committee. She has served on the Board of Directors of TEA, on numerous planning committees, and as an officer of the Pennsylvania Chapter. She currently serves on the Board of Trustees of the Employee Ownership Foundation. In May 2008, Judy was honored with the ESOP Association's Life Member Award in recognition of her service to the association over many years.

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