Big 5 Bank Employee Ownership Plan and TFSA

Work for a big 5 Bank (obviously not in investing) and have an employee ownership plan where the bank matches what you put away to a registered/non registered account up to 10% of your pay. I'm currently doing 5% of my pay to registered, and 5% to non registered. I then transfer the non registered, in kind, to my Waterhouse account where I get dividends paid out quartly that I use for bills. Was wondering how I could take advantage of a TFSA in this situation and what I can do to mitigate tax implications and maximize my investments.

OR

Who could/should I speak to about this? (Financial planner/advisor, accountant..)

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πŸ‘€︎ u/BoltsDV
πŸ“…︎ Jan 20 2022
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Employee Token Ownership

A recent post on this sub found the wallet that holds about $40m in LRC tied to a contract named Employee Token Ownership.

The original thread makes the charge that there is a massive employee sell off of their LRC.

I dug into the source details and didn't see that behavior at all.

I saw some employees selling and actively trading their LRC by moving their tokens into on exchange accounts (Binance mostly).

I saw some employees holding massive positions in LRC in cold storage.

I saw some employees moving their LRC to exchanges where they could participate in lending or liquidity pools.

One of those exchange being the Loopring Exchange.

I find all of this reassuring and bullish.

Sharing my DD. Someone poke holes in this if I'm wrong.

DD Below...

I want to know the truth of all things Loopring. And if there were a massive employee sell off, I'd like to understand that as well.

I don't think that's what's going on here, but I'll follow the source data.

Substantiating this is is the "Employee Token Ownership Plan"

Click the Contract tab and it will show the Contract Name as EmployeeTokenOwnershipPlan

There are over $40.5 mil of LRC in this wallet, so it's probably a safe bet based on the contract name and amount held that this wallet is used for this purpose.

Contract Tidbits

The contract source code has a besting period + 60 days built into the contract. Variables under Read Contract of VestPeriod = 63072000 and VestStart = 1594369474

If VestPeriod is in "ticks" or a Unix timestamp, that equates to the 07/10/2020 (UTC).

It looks like the first deposit to the wallet was on 07/10/2020, so that all syncs up.

Transactions

The volume of transactions has been relatively steady until November 2021 where there was an uptick in transactions.

The transactions appear to be LRC being moved into the contract then being transferred out to other wallet address.

Receiving Wallets

There are 13 unique wallet addresses listed as receiving these transfers.

Then if you dig into each transfer and the receiving wallet details you see most are transfers into other wallets for long term storage and some are transfers into exchange accounts (ostensibly to make available for sale). Some have positions in other crypto.

I'll break down each receiving wallet below, so you can dig in with your own eyes.

Conclusions

Daniel Wang has said in the past that most employees take payment in the form of Loopring. If you look at these distributio

... keep reading on reddit ➑

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πŸ‘€︎ u/doubleYupp
πŸ“…︎ Dec 04 2021
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When you or I talk about resources, we are talking things we own e.g. knowledge, things, money, etc. When your employer talks about resources, they mean people. People they 'own'. In their eyes, the employer-employee relationship is one of ownership.

Just a friendly reminder..

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πŸ‘€︎ u/t4dad
πŸ“…︎ Dec 31 2021
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Would you guys be for or against a 10-20% employee stock ownership plan for state owned for profit enterprises?
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πŸ‘€︎ u/George_Joestar
πŸ“…︎ Dec 11 2021
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How do employee stock ownership plans work?

I interviewed with a 100% employee owned company today for an internship position and they were telling me a benefit of working full time there is their ESOP. When I asked how it works, they told me that 10-15% of your salary is paid out in company stocks. Theoretically speaking, say I make $75,000 a year. Does this mean that $7,500-$11,250 of my salary wouldn’t be available for me to spend because it’s tied up in company stocks?

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πŸ‘€︎ u/Tiger-Engineer
πŸ“…︎ Nov 11 2021
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T0, box holdings, + Marc cahodes & twittertara = citadel ownership by 13% AND citadel employee as board member for Box holdings. A signed sealed and delivered sister to t0 for tokenization. reddit.com/gallery/qwxsz2
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πŸ“…︎ Nov 18 2021
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ESOP - Employee ownership

So I just came across this article. https://www.nceo.org/employee-ownership-blog/pro-employee-ownership-legislation-dropped-senate-bill

β€œS. 1260 is a bipartisan bill that is a reaction to non-U.S. entities, especially China, purchasing U.S. businesses. It would increase β€œinvestments in the discovery, creation, and manufacturing of technology critical to U.S. national security and economic competitiveness.”

I’m curious as to which politicians could possibly support a situation where selling to the highest bidder (regardless of who they are) would be acceptable vs a system where the American employees get extra consideration if the owner decides to sell. Isn’t the Right for β€œAmerica first”, and aren’t the D’s β€œall about the working man”?

I’m not sure how many advertisements for small businesses for sale that have the phrase along the lines of β€œthe employees don’t know I’m selling so please don’t let them know”…and only gets worse the bigger the company is.

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πŸ‘€︎ u/Horridone
πŸ“…︎ Jan 06 2022
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How can I learn about structuring my business plan to include employee ownership? Have any of you done this?

Thanks

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πŸ‘€︎ u/Bass3642
πŸ“…︎ Nov 17 2021
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Moving Profit-Sharing Contribution from Profit-Sharing Plan (PSP) to Employee Stock Ownership Plan (ESOP)?

This is my first year working for an ESOP - I was informed by HR that I have the chance to place (reinvest?) my money that would be awarded to me from the PSP back into the ESOP. Passive election is set to send that profit sharing money toward the PSP account managed by John Hancock. Or, I could choose to take the profit sharing money and use it to buy more company shares.

Our company stock has soared the last 3 years, but there’s been grumblings that it may not rise as quickly this year (we’ve had a meh year, and I would know working in commercial development). I’m not too sure why I would chose allocation of my PSP from one account over another - is it based on my optimism/tolerance of risk that the value of my ESOP shares could continue rising faster than a MMF run by JH?

Is there anything I can check when comparing one option versus another for ROI?

I’m going to hand-waive some tax considerations for now since I assume if I liquidate either I pay tax on the exiting of those JH/ESOP accounts.

EDIT: I’m 27, love where I work, and want to rise in my career here if possible but am willing to walk away if I find something better elsewhere. Not sure how rollovers work between job transitions with one account or another.

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πŸ‘€︎ u/EdOBrien4
πŸ“…︎ Dec 10 2021
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In your annual reviews, if asked for recommendations for improving the workplace: employee ownership
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πŸ‘€︎ u/NonSecwitter
πŸ“…︎ Dec 07 2021
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Employee Right to Ownership Bill (EROB)

I , u/Matthewlovestomine, Governer of Michigan, is signing this bill so workers get to decide the fate of their workplace.

This bill consists:

  • Workers shall be given the right to collectivelly own the workplace if the employer has no more means of supporting it.

  • Experiment with Employee Stock Ownership Plans( an employee benefit plan that gives workers ownership interest in the company; this interest takes the form of shares of stock.)in the IT sector, if successful, will be implemented for the whole industry.

U/Matthewlovestomine,

Signed.

u/

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πŸ“…︎ Dec 01 2021
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Unions / Coop / Employee Ownership

Hi All,

Came to this reddit to ask if there've been any posts that contain research into unionizing Trader Joe's or making the company employee owned etc?

With the way the company is currently structured, (higher ups who call the shots) I doubt the power of crew to change the way the company operates for the long term. It feels like the main thing the company cares about is sales, when you get down to it. Morale at my store is mediocre, and I can't really blame the crew, who wants to strive for their best for an employer who doesn't follow it's stated values?

I am glad to have this job and my pay. This work is much better than so many jobs out there. I like the culture Trader Joe's attempts to cultivate, but want it to be genuine. With all the good in sight, I still don't want anyone to have to settle for a power dynamic that is so uneven.

I don't know if "this is my fight" β€” I imagine that at the least it is a multi year process. I understand that this would likely be a complicated, difficult process, where there would be sacrifices and no guarantee of success. That sucks. Nevertheless, I am curious about the idea of seeing a positive change happen in my immediate surroundings. It would give me a lot of hope to see our company belong to the people who make it run.

Warm regards to crew.

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πŸ‘€︎ u/CourageHopeBoat
πŸ“…︎ Jul 24 2021
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Worker Co-op Basics with Matt Cropp of Vermont Employee Ownership Center youtu.be/FMIMCf5RT_s?t=37…
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πŸ‘€︎ u/coopnewsguy
πŸ“…︎ Oct 21 2021
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Kendeda Doubles Down on Employee Ownership, an Underused Part of the Equity Toolbox β€” Inside Philanthropy insidephilanthropy.com/ho…
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πŸ‘€︎ u/RONDOOOOOOO
πŸ“…︎ Nov 02 2021
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Employee share ownership program and child tax credit will they be affected?

Hi i have posted this on UK finance but had no replies so I thought I would ask her to. I’m wondering if someone could help me. My employer is offering an employee shared ownership program and I’m wondering if I invested around Β£5000 will this affect my child tax credits

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πŸ‘€︎ u/Budget-Tap-4326
πŸ“…︎ Sep 15 2021
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The pitfalls of an Employee Stock Ownership Plan

I read another poster's tale of working at an ESOP so I thought I would share mine. OP's story seemed to turn out well. Mine is the other kind.

For a bit of background, an ESOP is billed as a form of employee ownership. I imagine it to be what happens when a pension and a 401K have a baby. The company takes revenue and puts it into a pool which is split up into shares. If an employee meets certain criteria (hours worked, etc.), they are issued shares of stock from this pool. Every year a 3rd party auditor looks over the books and issues a stock price. The stock is payed out when an employee leaves or retires. For tax/financial purposes, it has rules similar to money placed in a 401K/IRA.

The company I worked for exists in a highly regulated industry with massive barriers to entry. The license to operate is a license to print money. The original owners wanted to offload the business after a making a killing for about 2 decades. They had a rather inflated asking price and couldn't find anyone interested.

What to do? Enter the general manager. The employees can purchase the company from us at our inflated price! The og owners floated debt to the company to facilitate the sale. Wait, that's robbing Peter to pay Paul.

Au contraire. The general managers first step? Sell off all of the company's physical assets to pay off a large portion of the debt! After all, the license to operate is the only thing of real value. The assets were sold for just under 50% of the sale value. This is important since ESOP regulations stipulate that employees get to vote on certain decisions. One of them being a sale of the majority of the business or it's assets. Whew! Just skirted that line.

The GM's next step? Move the company's headquaters to a strip mall 15 minutes down the road. After all, I own a vacant strip mall. The employees can pay my mortgage! Plus, it's in another state. Oh, the layers of obfuscation!

What else can I do? Hey, I have a friend in finance. We can transfer all of our 401K business to them! The finance friend's spouse also just so happened to be working in the accounting department of our company.

What's that you say GM? A quasi competitor in the local area is looking to buy our company? They are backed by a billionaire? The sale is contingent on certain legislation passing? I don't know what contingent means, but shit. That sounds great! Company stock to the moon!!!!

Hey! Where are you going GM? You got appointed to a respectable position in the j

... keep reading on reddit ➑

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πŸ‘€︎ u/Ned_Gerblanski
πŸ“…︎ Sep 16 2021
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LPT: If you ever want to give an employee an obscenely large tip, instead of writing it on the credit slip, use cash or Venmo etc. This will prevent the restaurant/establishment from claiming ownership and you can be sure the employee gets it.

During the pandemic, I have heard of multiple instances of a guest’s generosity being thwarted by a greedy restaurant. A guests wants to help an industry employee during this unsure time in our careers, and the establishment says β€œnope! That’s ours.”

Although there are laws to prevent this (at least in my state) it’s easier to save everyone the headache and cut out the middle man, and give it straight to the employee. It would be terrible for a good deed to be ruined through someone else’s greed.

Edit: to clarify, the employee receiving a generous tip should absolutely consider sharing the wealth and ABSOLUTELY MUST still be tipping out their coworkers. This advice is for a guest who wants to make sure their server actually sees that money at all.

Edit 2: for anyone curious as to my state’s laws on tips (since I refer to them a lot) I found a link that has a quick summary or what an employer can and can’t do in MN

https://www.baillonthome.com/news/employment/tip-sharing-pooling-and-credits-employee-rights-minnesota

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πŸ‘€︎ u/iono_maybe
πŸ“…︎ Dec 03 2020
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Employee stock ownership program

So I left my position at Sheetz back in February of this year and in the mail today I received a letter showing I own about $500 worth of stock in Sheetz because of this program. Does anyone know how I can go about accessing these stocks as it included no information regarding that.

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πŸ‘€︎ u/DistrictNo2761
πŸ“…︎ Aug 09 2021
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What are the legal and institutional barriers to cooperatives and employee ownership in the US?

Pretty much what it says in the title.

Employee and worker ownership and democracy are ideas which are broadly popular in the US. It's sort of baffling that there are so few cooperative enterprises as a proportion of the economy.

I strongly suspect that there are institutional obstacles in the way of this sector's growth. What might some of them be?

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πŸ‘€︎ u/clue_the_day
πŸ“…︎ Sep 16 2021
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(Everybody). scaling-up-employee-ownership-is-key-to-an-equitable-economic-recovery?

Phoenix Coffee, a Cleveland-based coffee roaster with 37 employees and several coffee shops, was entering October weathering the same struggle as myriad other small retail businesses. Forced to close its storefronts and subsist on a fraction of its normal business during the COVID-19 pandemic, times were tough.

It would not normally be an auspicious moment for the company to gain the interest of an investment firm. But that month, Phoenix Coffee announced it had received an equity investment from the nonprofit Fund for Employee Ownership that would enable the business to stay alive and convert to a worker cooperative.

Launched by Cleveland’s Evergreen Cooperatives in 2019, the Fund for Employee Ownership is not your typical investment fund. It is a mission-driven enterprise that acquires companies, helps them become more profitable through building an ownership culture, and relaunches them as worker-owned cooperatives. Its investment has helped Phoenix Coffee maintain its workforce and pivot from its cafes to a robust delivery service.

β€œBanks were skeptical about loaning to hospitality companies like restaurants or coffee shopsβ€”and that was before COVID-19,” explained former partner Christopher Feran. β€œThis new partnership with Evergreen positions us to not just survive the pandemic but to also grow and share profits with our employees, who are now also owners.”

Would this be a more sustainable solution for smaller businesses only?

https://www.fastcompany.com/90610795/scaling-up-employee-ownership-is-key-to-an-equitable-economic-recovery

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πŸ‘€︎ u/BikkaZz
πŸ“…︎ Mar 05 2021
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Worker Cooperatives and the Conventional Firm: An Objective Assessment of Employee Ownership.

Introduction:

Discussions concerning capitalism and socialism often involve comparing state ownership with private ownership, or the nationalization vs the privatization of industries such as USSR vs USA, East Germany vs West Germany, or North Korea vs South Korea. One part of the debate that is often overlooked is direct worker control of industries and economic sectors. This includes things such as cooperatives/labour owned firms, codetermination policies, Employee Stock ownership plans etc…

Liberterian socialists, Syndicalists, market socialists, and anarcho-communists often support cooperatives on both a moral and economic principle. They believe that it is more moral if a workplace were to be managed democratically by the workers who operate in it rather than by a few shareholders. They argue that workers would feel more engaged, They also believe that these firms would be far less wasteful, more efficient, and a meaningful countermeasure against inequality.

A relevant example to cooperatives is Mondragon in Spain. Mondragon is a federation of cooperatives, that is owned and managed by its workers. They mostly focus on retail and small scale industry. Mondragon has been able to climb all the way to the top, amassing more than 80 thousand workers, and having a total asset value that is one of the biggest in all of Spain. Such examples show that cooperatives are not entirely alien to our world and can even achieve a lot of success. However, what are the advantages and disadvantages of this model? Are there any to begin with? Would a partial, or even complete transformation be justified? What other types of employee ownership are there?

In this essay, I will attempt to answer those questions with the available data at hand. I will draw comparisons and parallels over a set of multiple criteria

 

Productivity:

 

Which structural firm is more productive?

This question is extremely difficult to answer. The reason is that finding company β€œtwins” with controlled variables is not easy at all, and even if we were to find a difference in performance, it’s hard to gauge how much the structure of the firm contributes to that difference and not local factors and fluctuations.. Evidence remains rather inconclusive, and there is yet to be a consensus formed around the issue. However, I will use existing empirical evidence in order to formulate some form of general statement.

A 1995 study analyzed cooperative firms, and classic

... keep reading on reddit ➑

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πŸ‘€︎ u/Winternaht7
πŸ“…︎ Mar 13 2021
🚨︎ report
Opinion: Employee ownership trusts should be an option in Canada montrealgazette.com/opini…
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πŸ‘€︎ u/stamatgeorge
πŸ“…︎ Apr 13 2021
🚨︎ report
Opinion: Employee ownership trusts should be an option in Canada montrealgazette.com/opini…
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πŸ‘€︎ u/stamatgeorge
πŸ“…︎ Apr 13 2021
🚨︎ report
Would you guys be for or against a 10-20% employee stock ownership plan for our state owned for profit enterprises?
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πŸ‘€︎ u/George_Joestar
πŸ“…︎ Dec 11 2021
🚨︎ report
What Does Employee Ownership Mean to You?
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πŸ’¬︎
πŸ“…︎ Oct 12 2021
🚨︎ report
Worker Cooperatives and the Conventional Firm: Assessment of Employee Ownership.

Introduction:

Discussions concerning capitalism and socialism often involve comparing state ownership with private ownership, or the nationalization vs the privatization of industries such as USSR vs USA, East Germany vs West Germany, or North Korea vs South Korea. One part of the debate that is often overlooked is direct worker control of industries and economic sectors. This includes things such as cooperatives/labour owned firms, codetermination policies, Employee Stock ownership plans etc…

Liberterian socialists, Syndicalists, market socialists, and anarcho-communists often support cooperatives on both a moral and economic principle. They believe that it is more moral if a workplace were to be managed democratically by the workers who operate in it rather than by a few shareholders. They argue that workers would feel more engaged, They also believe that these firms would be far less wasteful, more efficient, and a meaningful countermeasure against inequality.

A relevant example to cooperatives is Mondragon in Spain. Mondragon is a federation of cooperatives, that is owned and managed by its workers. They mostly focus on retail and small scale industry. Mondragon has been able to climb all the way to the top, amassing more than 80 thousand workers, and having a total asset value that is one of the biggest in all of Spain. Such examples show that cooperatives are not entirely alien to our world and can even achieve a lot of success. However, what are the advantages and disadvantages of this model? Are there any to begin with? Would a partial, or even complete transformation be justified? What other types of employee ownership are there?

In this essay, I will attempt to answer those questions with the available data at hand. I will draw comparisons and parallels over a set of multiple criteria

 

Productivity:

 

Which structural firm is more productive?

This question is extremely difficult to answer. The reason is that finding company β€œtwins” with controlled variables is not easy at all, and even if we were to find a difference in performance, it’s hard to gauge how much the structure of the firm contributes to that difference and not local factors and fluctuations.. Evidence remains rather inconclusive, and there is yet to be a consensus formed around the issue. However, I will use existing empirical evidence in order to formulate some form of general statement.

A 1995 study analyzed cooperative firms, and classic

... keep reading on reddit ➑

πŸ‘︎ 74
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πŸ‘€︎ u/Winternaht7
πŸ“…︎ Mar 16 2021
🚨︎ report

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