Jack Milligan, editor-in-chief for Bank Director
Small, closely-held banks face a lot of challenges in today’s highly consolidated and rapidly changing marketplace, but there’s one advantage they have over many other banks, including those that are publicly traded: When combined with an S-corporation organizational structure, Employee Stock Ownership Plans, or ESOPs, provide a level of retirement benefit to their participants that neither C-corporation ESOPs or any other qualified retirement plan can match. Of course, ESOPs are not exactly a new phenomenon. Although they gained legal status in 1974 as a qualified retirement plan under the Employee Retirement Income Security Act, the concept of providing employees with...
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Jack Milligan is editor-in-chief of Bank Director, an information resource for directors and officers of financial companies. You can connect with Jack on LinkedIn or follow @BankDirectorEd on Twitter.