A Great Benefit Plan That Comes with a Warning Label

Let’s kick this blog off right away with a little trivia. Do you know what ESOP stands for? If you don’t, I’ll help you out. ESOP is the acronym for Employee Stock Ownership Plan, and Investopedia.com defines an ESOP as “…a qualified defined-contribution employee benefit (Employee Retirement Income Security Act of 1974 [ERISA]) plan designed to invest primarily in the stock of the sponsoring employer.” That’s a mouthful. To break it down, ESOPs are a great way to grant ownership opportunities to … [Read more...]

A Great Benefit Plan That Comes with a Warning Label

Let’s kick this blog off right away with a little trivia. Do you know what ESOP stands for? If you don’t, I’ll help you out. ESOP is the acronym for Employee Stock Ownership Plan, and Investopedia.com defines an ESOP as “…a qualified defined-contribution employee benefit (Employee Retirement Income Security Act of 1974 [ERISA]) plan designed to invest primarily in the stock of the sponsoring employer.” That’s a mouthful. To break it down, ESOPs are a great way to grant ownership opportunities to … [Read more...]

Are You Responsible for Employees Who Aren’t Your Own?

You might be. Seems odd, especially if you didn’t hire them and don’t directly pay them. The thing is, you could still be liable for ensuring their employment is in compliance with the Fair Labor Standards Act (FLSA) and National Labor Relations Act (NLRA). Unfair? Maybe. But it’s possible, and it’s becoming an issue for those operating in the construction industry (and other industries such as agriculture, staffing, and hospitality). Three words explain it all: joint employment … [Read more...]