The ESOP Association Blog

Covering ESOPs and employee ownership

Carl Warren & Company Celebrates 70 Years

Carl Warren & Company, located in Placentia, CA, recently celebrated its 70th anniversary. To help kickoff the celebration, former Congressman, Joe Baca, stopped by the company’s office to join the employee owners in celebrating. Pictured: Caryn Siebert, President/CEO, Carl Warren & Company and former Congressman Joe Baca.

Carl Warren - Caryn and Joe Baca1And in More Carl Warren News…

On March 7, 2014 the Claims & Litigation Management Alliance (CLM) announced finalists for the 2014 CLM Professionals of the Year Award. Caryn Siebert, President and CEO of Carl Warren & Company was named as a finalist in the category of Claims Management. Finalists were chosen based on their commitment to the profession, leadership in the industry and contribution to the success of their company or clients. Ms. Siebert is a long-time ESOP Association member and Carl Warren & Company was named the ESOP Company of the Year in 2013.  CLM Award winners will be announced in April at the CLM Annual Conference in Florida.

Filed under: Employee Ownership Message, Member Services, TEA Members, ,

Congressman Ron Kind Visits ESOP Company, W.A. Roosevelt

On February 13, 2014, Congressman Ron Kind (D-WI) was on site to visit W.A. Roosevelt in La Crosse, WI. Congressman Kind spent an hour at the company meeting employee owners and spending time with members from the company’s ESOP committee. W.A. Roosevelt is a leading distributor of quality plumbing, electric, refrigeration, and heating and air conditioning equipment & supplies.  W.A. Roosevelt is a division of Dakota Supply Group, a member of The ESOP Association.

Kind WA Roosevelt 1

Kind WA Roosevelt 2

Filed under: Employee Ownership Message, Government Affairs, Member Services, TEA Members, , , ,

ESOP Company News

We thought we’d share news from our members this week. To start this week off, a note from ESOP Association member, Hypertherm.

In January 2014, Hypertherm, Inc. announced its transition from being a minority owned ESOP to a 100% associate-owned ESOP.  King Arthur Flour, a neighboring 100% employee-owned ESOP, sent us a token of congratulations. See below.

KAF Photo

The Associates at Hypertherm thank our friends at King Arthur Flour – Your company and its employee owners are a class act!

Thanks to Carey Chen, VP / GM – Light Industrial Businesses & CIO of Hypertherm, Inc. for sharing this news with us. And, congratulations to the employee owners of Hypertherm!

If you have company news to share, please send an email to media AT with information and photos. We’ll include as many member posts as we can.

Filed under: Employee Ownership Message, Member Services, TEA Members, , ,

March 2014 ESOP Report Now Available

The March 2014 ESOP Report is now available. To access this month’s issue, you’ll need to sign into the website. The Member Sign In button is located at the top of the page. To get to the ESOP Report, click Meet & Learn. A link to the ESOP Report is located on the left side menu.

Filed under: Member Services, Publication, ,

ESOP Experts Online Directory

Do you need an ESOP service provider? Do you have an ESOP dilemma?

The answers are in the ESOP Experts Online Directory! The ESOP Experts Online Directory is an easy-to-use, category-by-category listing of specialized ESOP services offered by Professional Members of The ESOP Association. You can search the ESOP Experts by specialty.

If you have any questions about the ESOP Experts, or would like to inquire about a listing, please contact Yvonette Brown at yvonette AT

Filed under: Member Services,

The ESOP Association Proudly Celebrates 25 Years of Offering its Members the Executive Liability Insurance Program

Insurance 25th AnniversaryFeeling exposed? You might be…and don’t even know it! Executives of ESOP companies face unique liability challenges for ERISA liability and in their capacity as directors and/or officers. A single loss can be very costly to you and your company.

For 25 years, The ESOP Association has been offering members an insurance solution to ensure you are properly protected by reducing your potential exposure to loss.

Executive Liability Insurance Program — Four Coverages Under One Policy

• Fiduciary/Trustee Liability

• D&O Liability

• Employment Practices Liability

• Crime


• Entity coverage available

• Side A coverage available

• Third-party coverage included

• Employee protection expanded

• No SEC exclusion

• Outside board protection

For more information about this program, contact: Jeff Gelburd, CPCU, ARM, Vice President, Murray Securus, (717) 620-2476 or jgelburd AT

Filed under: Member Services,

Government Affairs Update, March 2014

ESOP Association President, J. Michael Keeling, provides Association members with an update on the Administration’s FY 2015 Budget and the impact on the ESOP community.


Filed under: Government Affairs, ,

Change of Payment Address

March 10, 2014

Dear ESOP Association Member:

The ESOP Association recently experienced a problem with its Wells Fargo lockbox banking system (addresses “PO Box 5149” and “PO Box 61549”).  ESOP Association staff are currently in discussions with Wells Fargo personnel to rectify their lockbox processing issues.

In taking steps to prevent these problems from happening again, at this time, we are suspending use of the lockbox system.

Please have your accounts payable department change our address for the purposes of mailing a payment to The ESOP Association’s physical address until further notice:

The ESOP Association

1726 M Street, NW

Suite 501

Washington, DC  20036-4507

Please note that this does not affect any payments made through our online ecommerce system through the Association’s website.

If you have mailed in a check recently or have any questions please do not hesitate to contact me, Lisa Betts, Vice President, Membership or Yvonette Brown, Accounts Receivable Manager at toll free 1/866-366-3832 to discuss.

Your attention to this matter is greatly appreciated.

Sincerely yours,

J. Michael Keeling, CAE


cc:  Lisa R. Betts, CAE, Vice President, Membership,

Yvonette Brown, Accounts Receivable Manager,

Filed under: Member Services,

Technical Topics Announced for the 37th Annual Conference

esop-slide-template - 2014 Annual Conference PANARAMIC37th Annual ESOP Conference — “ESOPs: Capitalism at Work”

Dates: May 8 & 9, 2014 — Annual Awards Ceremony the evening of May 7th

Location: Renaissance Washington Hotel, Washington, DC

Preliminary Agenda: The proposed technical topics are now available; ownership culture topics will be announced soon.

This year’s technical topics include: 

  • The Administration Cycle – Part I, How Balances Accumulate
  • Legislative, Regulatory and Judicial Update
  • Basics of ESOP Stock Valuation
  • The Administration Cycle – Part II, How Benefits are Reported and Distributed
  • Repurchase Obligation and its Impact on Value
  • Legal and Fiduciary Issues with Sale of an ESOP Company
  • ESOP Companies Making Acquisitions
  • Trustees’ Duties
  • Special Administration Issues – Diversification, Rebalancing and Reshuffling
  • 1042 ESOP Transactions
  • Repurchase Obligation and Cash Management
  • Interplay Between ESOP Trustees and Boards of Directors
  • Seller Financing in ESOP Transactions
  • When the Call or Letter arrives – DOL/IRS Investigations
  • ESOP Sustainability
  • Fiduciary Responsibility for Value Determination
  • GAAP Accounting for ESOP Sponsors
  • Common Administrative Errors, How to Avoid Them, and How to Fix Them
  • Agency Practitioners Forum (Pt 1)
  • Agency Practitioners Forum (Pt 2)

Contact: Rosemary Clements or Maya Van Buren at 202/ 293-2971 or by email at

Additional Information: Conference and registration information, including information on hotel reservations, can be found on the Association’s website.

Filed under: Conference Information, ,

Administration Again Takes Aim at Employee Ownership

The ESOP Association released the following press release today.

For Immediate Release: March 4, 2014

For More Information: Amy Gwiazdowski, amy AT

Administration Again Takes Aim at Employee Ownership

March 4, 2014 (Washington, DC) – Today, The ESOP Association expressed disappointment once more over a provision in the President’s Fiscal Year 2015 budget that pertains to employee stock ownership plans (ESOPs). Included in the budget document is a provision to ‘eliminate the deduction for dividends on stock of publicly-traded corporations held in certain ESOPs.’

“Obviously, we are disappointed this provision has been included in the President’s budget,” said ESOP Association President, J. Michael Keeling. “We are baffled by the Administration. How can the Administration preach about creating jobs and then plan to take away a proven policy that sustains jobs? Furthermore, the provision the Administration wants to kill was added in 1984 by Congress to address income inequality by encouraging employee owners to have more income from ownership. It is counter-intuitive. As we’ve said before, research proves that ESOPs, and companies with other forms of employee stock ownership, provide more sustainable employment. The Administration needs to step up and encourage broad-based inclusive capitalism and increase employee ownership to ensure sustainable employment for U.S. workers, and more income for average pay employee owners, not decrease support.”


The ESOP Association is the national trade association for companies with employee stock ownership plans (ESOPs) and the leading voice in America for employee ownership. The core cause of The ESOP Association is the belief that employee ownership will improve American competitiveness, increase productivity through greater employee participation, and strengthen our free enterprise economy. More information: website – and blog –

Filed under: Government Affairs,

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2014 Annual Conference in Washington DC

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