New Publication Provides Strategic Guidance on Employee Stock Ownership Plan Trustee’s Obligations

Overview


McDermott Will & Emery employee benefits partners Ted Becker and Allison Wilkerson have co-authored The DOL Fiduciary Process Agreements for ESOP Transactions. The book was published by the National Center for Employee Ownership as a resource for those seeking to use Department of Labor (DOL) fiduciary process agreements in ESOP Transactions.

“Since the most recent fiduciary process agreement between the DOL and Farmers National Bank of Danville, ESOP trustees and advisors have expressed much confusion about which provisions should be followed in future ESOP transactions,” Ted, co-chair of McDermott’s ERISA Litigation Team, noted. “The analysis in this book addresses that uncertainty and provides a guide for those navigating ESOP transactions going forward.”

As co-author, Ted drew directly on his experience representing GreatBanc Trust Company in the negotiations with the DOL that led to the original fiduciary process agreement. Allison derives her knowledge from extensive involvement handling issues pertaining to ERISA and ESOPs. Her experience includes advising an ESOP trustee on the purchase of a $270 million company consisting of a group of hospitals from an individual seller and multiple private equity warrant holders.

The book compares the provisions in the six fiduciary process agreements, citing guidance and providing commentary drawn from ERISA, legislative history and other congressional materials, laws and regulations. Each of the 16 sections focuses on different key aspects of the fiduciary process agreements, offering valuable insights into the fiduciary process for ESOP transactions and the perspective of the DOL.

The book is available for digital download online here.

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