Edward C. Renenger Presents at ESOP Association Seminar
READING, PA, April 19, 2016 – Stevens & Lee Shareholder Edward C. Renenger spoke at the ESOP Association Pennsylvania and Delaware Chapter Annual Spring ESOP Seminar held April 7, 2016, in Kennett Square, PA.
Mr. Renenger presented “Legal and Regulatory Update for ESOP Companies.” The session provided new information for companies with employee stock ownership plans, including an update on the Department of Labor’s pre-publication Final Fiduciary Rule released the day before the seminar.
Mr. Renenger concentrates his practice in helping companies navigate the complexities of employee stock ownership plans (ESOPs). In this capacity, Mr. Renenger advises business owners on how to sell their companies to employees through an ESOP. This process typically involves working with the company to first determine the feasibility and impact of creating an ESOP, consulting on whether the ESOP accomplishes the goals of the relevant stakeholders, designing the appropriate structure to accomplish those goals, implementing the transaction and then assisting the company with the ongoing administration and compliance of the ESOP.
Mr. Renenger also advises on other ESOP-related transactions, including situations where ESOP-owned companies sell to outside buyers when they have determined that exiting the ESOP structure is appropriate for shareholders. He works with the entire range of ESOP-owned companies, including S Corporations, C Corporations, private companies, publicly traded companies, companies that are wholly owned by the ESOP trust and companies in which the ESOP is a minority owner. Mr. Renenger also counsels ESOP trustees on their fiduciary obligations under ERISA in ESOP-related transactions and when unique situations arise in an already established ESOP.
Mr. Renenger also has particular experience working with ESOPs for financial institutions, such as community banks looking to an ESOP as a source of liquidity for founding shareholders and insurance companies who establish an ESOP in conjunction with a demutualization.
He holds a J.D., magna cum laude, Order of the Coif, from Georgetown University Law Center and a B.A., first in class, summa cum laude, Phi Beta Kappa, from The Catholic University of America.