GLOSSARY
ESOP Plan Sponsor – The employer.
ESOP Plan Administrator – The individual(s) with authority and discretion over the management of the plan. Unless another individual or entity (e.g. ESOP administrative committee) is specifically assigned, the plan sponsor is the plan administrator. The administrator(s) is a plan fiduciary.
ESOP Plan Trustee – The individual(s) with authority and discretion over the plan assets. The trustee(s) is a plan fiduciary.
ESOP Third Party Administrator (TPA) – A TPA is a third party that is hired to assist with the administrative and recordkeeping functions, including the processing or record keeping of the plan and participant records, with the intent of not assuming the fiduciary role of Plan Administrator. This individual is sometime referred to as the plan administrator (not to be mistaken with the Plan Administrator defined above), plan recordkeeper, plan record keeper, or service provider.
ESOP Plan Consultant – A professional adviser hired to provide ESOP consulting services to the plan.
ESOP Plan Counsel – The ESOP attorney or legal firm hired to act as a legal advisor and provide ESOP legal services to the plan.
The One-Stop ESOP Blog can also be accessed at http://www.onestopesopblog.com/.