ESOP Trustee

The Position:The Employee Stock Ownership Plan (ESOP) Trustee is responsible for acting in the best interest of the employee-owners, ensuring the effective management and administration of the company's ESOP. The trustee must be knowledgeable about the legal, financial, and regulatory aspects of ESOPs and must ensure that the plan complies with all applicable laws and fiduciary responsibilities.Responsibilities:Fiduciary Oversight:Act as a fiduciary to the ESOP plan participants, ensuring the plan operates in accordance with ERISA (Employee Retirement Income Security Act) guidelines.Ensure the interests of the employees are protected, making decisions that benefit the employee-owners while minimizing conflicts of interest.Plan Administration:Oversee the administration of the ESOP, ensuring the timely and accurate distribution of shares and contributions.Collaborate with third-party service providers such as recordkeepers, appraisers, and legal advisors to manage the day-to-day operations of the ESOP.Valuation Oversight:Ensure that the ESOP's annual valuations are conducted properly and fairly, taking into account the current financial standing of the company and fair market value of shares.Review and approve the independent appraiser's reports and any adjustments to the ESOP share price.Regulatory Compliance:Ensure compliance with all applicable federal and state laws, including the IRS, DOL, and ERISA regulations.Ensure that the ESOP meets the requirements for tax-qualified status and other regulatory obligations.Reporting & Communication:Ensure that all required reports, filings, and disclosures are completed in a timely manner, including Form 5500, summary plan descriptions, and participant communications.Communicate effectively with company management, employees, and other stakeholders about the ESOP's performance and any changes or updates to the plan.Conflict Resolution:Address any disputes or concerns related to the ESOP, including issues around share allocations, distributions, and participant eligibility.Work with legal counsel to resolve conflicts and ensure compliance with all regulations.Decision Making:Make informed decisions regarding ESOP transactions, such as the purchase or sale of company stock, in line with the plan's goals and legal requirements.Approve any changes to the plan or amendments that affect the structure or operations of the ESOP.Regular Reviews:Conduct periodic reviews of the ESOP's performance, including its financial health, share allocation, and distribution methods.Evaluate the plan's effectiveness in achieving the company's goals and the financial wellbeing of employees.Training and Education:Ensure that company leadership and employees are educated on the ESOP structure, benefits, and responsibilities.Stay informed on developments in ESOP regulations, trends, and best practices.Ensure leadership is aware of other ways Merit can help their company, their leadership and their other employees. Bringing in subject matter experts where appropriate. Please note the job responsibilities may vary, grow and change.Requirements:Bachelor's degree in Finance, Accounting, Business, or a related field.CPA, JD, or other professional designation related to ESOPs or fiduciary duties is preferred.Minimum of 5 years of experience in employee benefits administration, fiduciary services, or a related field. Experience with ESOPs and familiarity with ERISA and other regulatory guidelines is strongly preferred.Any certifications such as Project Management Professional (PMP), Certified Scrum Master (CSM), or PRINCE2 certification are a plus.Strong knowledge of ESOP regulations, structure, and compliance.Excellent board room presence and presentation skills. Strong knowledge of ESOP regulations and fiduciary duties.Excellent analytical, problem-solving, and decision-making skills.Strong communication skills, with the ability to explain complex concepts to a diverse audience.Ability to manage relationships with third-party service providers and stakeholders.Attention to detail and strong organizational skills.Excellent board room presence and presentation skills. Strong knowledge of ESOP regulations and fiduciary duties.Excellent analytical, problem-solving, and decision-making skills.Strong communication skills, with the ability to explain complex concepts to a diverse audience.Ability to manage relationships with third-party service providers and stakeholders.Attention to detail and strong organizational skills.Salary + Benefits:Competitive, based on experienceMedical Insurance Dental/Vision Insurance Life & Personal Accident Insurance Short-term Disability Insurance Long-term Disability Insurance Flexible Spending Account (FSA), Health Savings Account (HSA) or Dependent Care FSA 401(k) Plan with company matchingPaid Time Off (PTO) and paid holidays Note: Position can transition to hybrid after 6 months of employment based on business needs.

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