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Reducing High Turnover in Trucking with ESOPs

Posted by Marc S. Schechter | Oct 13, 2021 | 0 Comments

Employee turnover is one of the most challenging issues facing many industries in the U.S. With so much spent on hiring, training, on-boarding, and getting workers up to speed, a short turnover period may cost the company more than the worker added. Many employers are struggling to address the issue, especially in times where the unemployment rate remains so low.  The trucking industry has been dealing with high turnover rates for years. Some trucking and transportation companies are learning from other employee-owned businesses and have seen results in transitioning the company to an employee-ownership model, including Employee Stock Ownership Plans (ESOPs). ESOPs often have much higher retention rates, in addition to the other benefits of giving workers a financial interest in their future with the company.  

SERPs to Recruit and Retain Executives

Posted by Paul D. Woodard | Sep 23, 2021 | 0 Comments

Supplemental Executive Retirement Plans (SERPs) can be used as a retention tool for executives. SERPs and other nonqualified deferred compensation plans (NQDCPs) incentivize executives to stay with the business or organization, while providing flexible scheduling and payment options that qualifie...

Founding Partner Marc Schechter to Speak on The Decade of the ESOP: Economic Recovery, Racial Justice and Equity at National Center for Employee Ownership (NCEO) Fall ESOP Forum

Posted by Marc S. Schechter | Sep 14, 2021 | 0 Comments

Join Founding Partner, Marc Schechter, on September 22, 2022, at the National Center for Employee Ownership (NCEO) Fall ESOP Forum, as he shares his insight on The Decade of the ESOP: Economic Recovery, Racial Justice and Equity. The NCEO Fall ESOP Forum provides information, ideas, and advice yo...

Cost-of-Living Adjusted Limits for 2021

Posted by Paul D. Woodard | Nov 09, 2020 | 0 Comments

Contributing Author: Kristine Custodio Suero, ACP, Senior Paralegal The Internal Revenue Service announced the Cost-of-Living Adjusted Limits for 2021, which will be affecting dollar limitations for qualified pension plans for the 2021 tax year. Section 415 of the Internal Revenue Code provides ...

EBSA Enforcement Statistics from Fiscal Year 2020

Posted by Corey F. Schechter | Oct 27, 2020 | 0 Comments

The Employee Benefits Security Administration (EBSA) enforces ERISA laws and regulations, including conducting civil and criminal investigations. EBSA investigations often result in recovering money from enforcement actions, voluntary fiduciary correction programs, abandoned plan programs, and in...

Pro Bono Week: October 25-31, 2020

Posted by Paul D. Woodard | Oct 26, 2020 | 0 Comments

Did you know that October 25-31, 2020 is National Pro Bono Week? As an At-large Board member of the San Diego County Bar Association Community Service Committee and Chair for the nonprofit organization Wills for Heroes, San Diego Chapter, it is very rewarding for me to provide free wills and esta...

Founding Partner Marc Schechter to Speak on the State of ESOPs: The Next 10 Years at National Center for Employee Ownership (NCEO) Fall ESOP Forum

Posted by Marc S. Schechter | Jun 23, 2020 | 0 Comments

Join Founding Partner, Marc Schechter, on September 16, 2020, at the National Center for Employee Ownership (NCEO) ESOP Fall Forum, as he shares his insight on The State of ESOPs: The Next 10 Years. Butterfield Schechter LLP is also a proud sponsor of this event. The NCEO ESOP Fall Forum provide...

ESOPs Included in Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) for Economic Injury Disaster Loans (EIDLs)

Posted by Marc S. Schechter | Apr 01, 2020 | 0 Comments

ESOPs are included in Section 1110 of Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) for economic injury disaster loans (EIDLs) of $10,000. Click here to read full text of the CARES Act. For more information on how to apply for the EIDL through the Small Business Administration ...

It's National Estate Planning Awareness Week! (October 21-27, 2019)

Posted by Marc S. Schechter | Oct 22, 2019 | 0 Comments

Today, most realize that estate planning is an important step to make sure your family is taken care of and your property is distributed according to your wishes. Despite the importance of estate planning, many people put off making estate plans because people believe they have plenty of time to make such plans or they have difficulty addressing the issue of what will happen when they pass away. Failing to prepare a comprehensive estate plan can leave grieving family members with the burden of dealing with a complex estate, unnecessary expenses, and an inflexible distribution of assets that may be against the decedent's wishes.

Retirement Plan Created for Creditor Protection Does Not Qualify as a Fully Exempt Private Retirement Plan Under California Code of Civil Procedure 704.115(a)(1)

Posted by Paul D. Woodard | Oct 02, 2019 | 0 Comments

Judgment Creditor AMBS Diagnostics, LLC (“AMBS”) originally sought to collect on its money judgment by levying the assets held in judgment debtor Timothy O’Brien’s (“O’Brien”) Individual Retirement Accounts (IRAs). In response, O’Brien filed a claim of exemption claiming the assets were fully exempt. The trial court ruled that the funds in O’Brien’s IRAs were fully exempt from judgment. The Court of Appeal reversed the trial court’s ruling, determining that the funds were only partially exempt under California Code of Civil Procedure 704.115(a)(3). (O’Brien v. AMBS Diagnostics, LLC (2016) 246 Cal.App.4th 942.) The Court of Appeal remanded the matter back to the trial court to determine the amount of O’Brien’s IRAs necessary to provide for the support of the judgment debtor, his spouse, and dependents upon retirement as required by California Code of Civil Procedure 704.115(e).

How Will the SECURE Act Impact 401(k)s?

Posted by Marc S. Schechter | Aug 12, 2019 | 0 Comments

While 401(k)s are one of the most common retirement savings plans, there are still a lot of American workers who do not have access to a 401(k) or do not have any significant retirement savings. A new bill has passed the House that intends to increase access to retirement savings and accommod...

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