›

ESOP statement requirements?

MrCreosoteMrCreosote 144 Posts
in Benefits & Leave Vote Up0Vote Down
An employee asked me about her ESOP at her previous company, and we don't have one so I have no experience with them. Her question is whether or not a company with an ESOP is required to issue statements at any particular time, such as quarterly. She said that they never send anything at all concerning her balance. It is 100% employer contributions, with waiting periods before funds can be moved, if that matters.
Share on Facebook Share on Twitter

Comments

  • 2 Comments sorted by Votes Date Added
  • clhclh 9 Posts
    PMVote Up0Vote Down
    Okay, I confess, I don't know what ESOP stands for.

    So just in case it might help get you an answer (& partly because I'm curious)....What is ESOP?
    Share on Facebook Share on Twitter
  • mushroomHRmushroomHR 583 Posts
    PMVote Up0Vote Down
    ESOP is Employee Stock Ownership Plan. This is where the employees own the company. My company is an ESOP and we receive our statements yearly. The value of the company is assessed at the end of the year then we get our statements around March or April of the following year. I don't know much about ESOP's other than ours. I would think the employees would have to get some kind of yearly statement. Does she have a summary plan description? I think that information should be in her SPD or she could contact her previous employer.
    Share on Facebook Share on Twitter
Sign In or Register to comment.