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1、原文：TakingOwnershipEmployeestockownershipplans(ESOPs)havebeenbackinthenewsinrecentmonthsthankstotheTribuneCo.'sdecisiontouseanESOPtofinanceabidtobecomeaprivatecompany."TheTribunetransactionwillbeoneofthelargestdonewithanESOP,butitisnotyourtypicalESOPtransaction,"saysVernSaper,apartnerw
2、ithlawfirmWarnerNorcross&JuddLLPinGrandRapids,Mich.IfthereisatypicalESOP,itwouldbeaplanrunbyacloselyheldsmall-to-mid-sizecompanywithafewhundredemployees,usuallyasawayfortheownerstocashoutorretirewithouthavingtosellthecompanytooutsiders.AccordingtotheOakland,Calif.-basedNationalCenterf
3、orEmployeeOwnership(NCEO),therewere9,225ESOPsin2006with10.1millionparticipantsandholdingmorethan$600billioninassets.ThenumberofESOPsamongsmallandmid-sizecompaniesislikelytogrowasagingbabyboomerbusinessownerslookforanexitstrategythatwillfundtheirretirement."Alotofpeoplearereachingthepo
4、intwheretheyareinterestedinretiringorgettingliquidityoutofthebusiness,"saysCoreyRosen,NCEO'sexecutivedirector."AnESOP[offers]agoodwaytoprovidethoseindividualswithagradualwithdrawalfromthebusiness."Evenso,ESOPscomeinseveralshapesandsizes.ManyESOPsareestablishedbycompaniesofanysizeasawa
5、ytogiveemployeesastakeinthecompanyandtocreateasenseofownershipamongthem.Manylargecorporationswithtensofthousandsofemployees,includingProcter&Gamble,SAICInc.andPepsiCo,haveestablishedESOPstocreateemployeeownership,tosupplementexistingretirementprograms,orforacombinationofreasons.WhatIt
6、IsAnESOPisadefinedcontributionretirementplanthatinvestsprimarilyinthestockofthesponsoringcompanyandcontributessharesofcompanystocktoeachparticipant'saccountbasedonapredeterminedformula.ThesponsoringcompanycancontributeactualsharesthatitownsormoneywithwhichtheESOPcanpurchaseshares,orth
7、ecompanycanrequiretheplantotakeoutaloantobuystockthatthecompanywillrepayovertime.ESOPsarecoveredbyrulesregardingplanparticipation,accountvestingandotherdesignelementsthataresimilartothosegoverningothertypesofdefinedcontributionplans,like401(k)andprofit-sharingplans,aswellasregulations
8、thata
