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6 J. Corp. L. 551 (1980-1981)
ESOPs Tables: A Survey of Companies with Employee Stock Ownership Plans

handle is hein.journals/jcorl6 and id is 565 raw text is: ESOPS TABLES: A SURVEY OF COMPANIES WITH EMPLOYEE STOCK OWNERSHIP PLANS* I. INTRODUCTION ............................................. 552 II. TYPES OF ESOPS .......................................... 554 A. Defined Contribution Plans in General ................... 555 B. Leveraged ESOPs ..................................... 556 C. Nonleveraged ESOPs .................................. 557 D. Tax Credit ESOPs ..................................... 557 III. HISTORICAL DEVELOPMENT ................................. 558 A. Prelegislative Development of ESOPs ................... 558 B. Legislative Development of ESOPs ...................... 560 1. Employee Retirement Income Security Act of 1974 .... 560 2. Trade Act of 1974 .................................. 561 3. Tax Reduction Act of 1975 .......................... 561 4. Tax Reform Act of 1976 ............................. 562 5. Revenue Act of 1978 ....................... ..... 562 6. Technical Corrections Act of 1979..................563 IV. THE LEGAL FRAMEWORK ................................... 563 A. Primarily Invested in Qualifying Employer Securities ..... 563 B. Exclusive and Primary Benefit .......................... 564 C. Employee Coverage .................................... 566 D. Employer and Employee Contributions .................. 567 E. Allocations to ESOP Accounts .......................... 570 F. Voting Rights ......................................... 571 G. Vesting of Benefits .................................... 572 H. Distribution of ESOP Benefits .......................... 573 I. Taxation of ESOP Benefits .............................. 575 1. Lump Sum Distributions ............................ 575 2. Distributions Other Than Lump Sum ................. 577 *This article was researched and written by Thomas R. Marsh and Dale E. McAllister, both members of the University of Iowa College of Law Class of 1982. Without the generous financial support of the following organizations this project would not have been possible: University of Iowa Collegiate Associations Council Iowa Law School Foundation The Journal of Corporation Law wishes to thank Professor Douglas Madsen of the University of Iowa Department of Political Science for his help in drafting the survey and per- forming statistical operations and Professor Paul M. Neuhauser of the University of Iowa Col- lege of Law for the final edit of this article. The Journal staff also wishes to thank the companies that responded to the survey. Finally, the Journal staff thanks United States Senator Russell Long for his assistance in encouraging response to the survey.