ESOP Regulatory Update: The DOL Fiduciary Process Agreement
BVR's Webinar Series
Wednesday, September 24, 2014
10:00am-11:40am PT • 1:00pm-2:40pm ET
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In recent years ESOP appraisals and fairness opinions have received increased scrutiny from the U.S. Department of Labor and the plaintiffs' bar. Earlier this summer, in connection with the settlement of litigation brought by the DOL, an institutional trustee agreed to implement certain policies and procedures that have been commonly referred to as the "DOL Fiduciary Process Agreement."
In this presentation, valuation expert Jeff Tarbell will moderate a panel discussion regarding this important agreement, featuring attorney Ted Becker and ESOP trustee Jim Staruck. Their discussion will explore the processes and procedures of the DOL Fiduciary Process Agreement and its implications on ESOP appraisers and fairness opinion providers.
- Agreement Concerning Fiduciary Engagements and Process Requirements for Employer Stock Transactions
- Selection of Valuation Advisor
- Oversight of Valuation Advisor
- Fiduciary Review Process
- Documentation of Valuation Analysis
- Reliance on Valuation Report
- Where are We Now?
- Define the current state of ESOP regulations and DOL rulings regarding ESOP valuations
- Identify the potential outcomes of pending and proposed regulations
- Associate stipulations of these regulations with changed responsibilities for appraisers, trustees, and others
- Identify potential next steps for ESOP regulations
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