Transcript ESOP Buyout
DOL’S FIDUCIARY PROCESS AGREEMENT
Professional Fiduciary Services LLC
Enterprise Services, Inc.
Changes in the Fiduciary Process
2
No Moench Presumption
Non-litigation
impacts
Regulation by Settlement Agreement
Transactional
and Ongoing Impacts
Changes in Valuation Reports
Financial Advisors and Fiduciary Standards
Is
my Broker a Fiduciary?
No Moenchy Business
3
Criteria to hold or divest company stock
Benchmarking
performance
Capping allocations to company stock
Should the plan say it is designed to invest in company
stock?
Do the fiduciaries document the hold versus sell
decision?
Sierra Aluminum Settlement
4
Independent valuation firms
Audited financial statements
Assessing management projections
Control premiums
Claw backs and warrants
Seller financing
Financial Advice to ERISA Plans
5
Traditional Broker Standard
Suitability
RIA standard
Fiduciary
– meets risk / reward objectives
– best interests
DOL proposes a fiduciary standard for those who
advise retirement vehicles.
Professional Fiduciary Services LLC
1841 N Riverwalk Way
Milwaukee WI 53212
262.627.0366
[email protected]
Enterprise Services, Inc.
355 Austin Circle
Delafield, WI 53018
262.646.6490
[email protected]
Mickey Maier is a President of Professional Fiduciary
Services LLC in Milwaukee WI. He serves as an
independent transactional fiduciary, ongoing trustee,
or board member for a number of ESOP companies.
Craig Olinger is a Principal at Enterprise Services, Inc.
(ESI), a firm focused on providing consulting services for
private business. He specializes in working with business
owners and advisors on ESOP valuations.