{ "media_type": "text", "post_content": "Is anyone familiar with ESOPs?\n\nBackground: I worked at a company from July 2017-May 2015; they instituted a ESOP in late 2007. I need to confirm this part: payout begins 5 years after you leave (for me, that would have been May 2020). I am looking to go back as a part-time contractor (20 hours a week) from Sept 1-December 17, 2021.\n\nWill this impact my ESOP payout if I go back as a temp/contractor?", "post_id": "6106e78d476b9c00247ae79b", "reply_count": 5, "vote_count": 2, "bowl_id": "5682e6afd55b9e0f00fce669", "bowl_name": "Human Resources" }

Is anyone familiar with ESOPs? Background: I worked at a company from July 2017-May 2015; they instituted a ESOP in late 2007. I need to confirm this part: payout begins 5 years after you leave (for me, that would have been May 2020). I am looking to go back as a part-time contractor (20 hours a week) from Sept 1-December 17, 2021. Will this impact my ESOP payout if I go back as a temp/contractor?

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I’m an ESOP administrator at an ESOP company. We don’t do 5 year payouts, we do lump sum. If we rehired someone and we did this year we gave them the option whether to continue with the distribution process or stop it. They elected to stop it. Admittedly we hadn’t started distributions yet. I’d recommend being proactive and get in touch with your ESOP admin or HR at your company.

Also you are coming back as an independent contractor. That’s not how the IRS would look at it. Your company should be careful.

The IRS thinks once an employee always an employee. Unless you come back and do a very different job. Also if gone before December 31 you may not be eligible for current year allocation and you aren’t here long enough to get more vesting or to be an EE for long that it amounts to no harm to bring you in temporarily. I would not think coming back for a short stint would stop your distribution.

Ok yeah, I’d say you could come in as a non-employee, have a good argument you are not a permanent employee, and likely not eligible for participation in ESOP. So this stint should not impact ESOP payout. Your temp job would not count towards additional vesting or a new 2021 ESOP allocation since you would not be an eligible employee participant in the ESOP. Did I answer you?

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