Massachusetts Employee Stock Ownership Plan of Franklin Savings Bank - Detailed
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How to fill out Employee Stock Ownership Plan Of Franklin Savings Bank - Detailed?
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After the employee terminates, the company can make the distribution in shares, cash, or some of both. Cash is paid to the employee directly. Often, company shares are immediately repurchased by the ESOP, and the employee receives cash equivalent to fair market value as determined by the most recent annual valuation.
With an ESOP, the company is structured as a C or S corporation where the stock is held by an ESOP trust, which is administered by a trustee on employees' behalf.
As an example, if your annual salary is $100,000 and the benefit level this year is 5%, your ESOP account balance would be credited with company stock shares worth $5,000.
Costs to start up an ESOP are substantial, ranging from $15,000 to $100,000 and more. These costs include setting up a trust, which buys and holds ESOP stock. Valuations must remain current. An ESOP can buy only fairly valued stock, best appraised by a qualified appraiser.
How Do You Start an ESOP? To set up an ESOP, you'll have to establish a trust to buy your stock. Then, each year you'll make tax-deductible contributions of company shares, cash for the ESOP to buy company shares, or both. The ESOP trust will own the stock and allocate shares to individual employee's accounts.
