BPS&M ESOP Consulting and Administrative Services

Employee Stock Ownership Plans (ESOPs) are complex, with numerous rules and requirements that are distinct from other qualified plans. An ESOP plan sponsor needs a consultant and administrator with expertise and experience managing these plans. The members of our ESOP Practice Group average more than 20 years of ESOP experience and are prepared to assist you.

Our ESOP experts can help you with:

  • ESOP consulting and feasibility analysis
  • Plan design consulting
  • Testing for compliance with general plan requirements and with requirements specific to ESOPs, including:
    • Release of employer stock from suspense
    • Special testing under Code Section 415
    • Special tax deduction limits
    • Special distribution requirements
    • Restrictions on stock used in a Code Section 1042 transaction
    • S-corp Anti-Abuse requirements
    • Governmental filings
    • ESOP recordkeeping
    • Participant communication
    • IRS and DOL corrections support
    • Compliance and governance self-audit

Meet our consultants

Learn more about the consultants of BPS&M.

Susan Lozanov Susan Lozanov, ERPA, CPC

Consultant, Defined Contribution

Before transitioning into company retirement plans, Susan was a registered stockbroker for several years with Charles Schwab. She has been providing administration and consulting on defined contribution plans at BPS&M since 1998. Susan currently specializes in advanced compliance testing for her clients, and provides consulting and administration for ESOPs.

Contact Susan at 615-665-5406 or susan.lozanov@bpsm.com

John L. Stone John L. Stone, CPC, QPA

Consultant, Defined Contribution

John is a consultant with over 30 years of experience in the design, funding, administration, and regulatory compliance defined contribution plans. His specialty client practice areas are ESOPs and 401(k) plans. John provides consulting and administration for ESOPs with closely held stock and publicly traded stock. John has experience working with both C Corporations and S Corporations. He also works with both leveraged and non-leveraged ESOPs.

Contact John at 615-665-5342 or john.stone@bpsm.com

James R. Hudgins James R. Hudgins, ASA, EA

Consulting Actuary

James began working in the actuarial field in 1980 and joined BPS&M in 1985. He has over 30 years of employee benefits consulting experience related to the design, funding, administration and regulatory compliance of retirement plans. He has particular experience and expertise consulting with defined benefit and defined contribution plans, including cash balance plans and Employee Stock Ownership Plans and is a member of the firm’s ESOP Practice Group.

Contact James at 601-984-8963 or james.hudgins@bpsm.com

Sarah J. Barnes Sarah J. Barnes, QPA, QKA

Consultant, Defined Contribution

Sarah joined BPS&M in 2007. Her primary responsibilities include the administration of complex defined contribution plans with an emphasis in ESOPs.

Contact Sarah at 502-253-4632 or sarah.j.barnes@bpsm.com

Brenda S. Hassfurther Brenda S. Hassfurther

Consultant, Defined Contribution

Brenda has over 25 years of experience in the design and administration of complex defined contribution plans, including ESOPs.

Contact Brenda at 502-253-4631 or brenda.hassfurther@bpsm.com

Kenneth F. Hohman Kenneth F. Hohman, FSA, EA, FCA, MAAA


Ken began working in the actuarial field in 1976, and joined BPS&M in 1978, opening the Louisville office of the firm in 1979. His primary area of expertise is in the design, funding, administration and regulatory compliance of qualified and nonqualified retirement plans. Ken heads the firm’s ESOP Practice Group and has extensive experience in assessing the feasibility of establishing ESOPs, including repurchase liability studies.

Contact Ken at 502-253-4628 or ken.hohman@bpsm.com

Karen Johnson Karen Johnson, CPA

Consultant, Defined Contribution

Karen specializes in the design and administration of defined contribution plans. Karen has over 20 years of experience working with various aspects of retirement plans in public accounting and industry.

Contact Karen at 502-253-4640 or karen.m.johnson@bpsm.com

W. Robert Gutmann, Jr W. Robert Gutmann, Jr., CPA

Managing Consultant, Defined Contribution

Rob specializes in the design and administration of Employee Stock Ownership Plans as well as many other employer-sponsored plans. Rob has over 35 years of experience in public accounting and industry.

Contact Rob at 502-253-4634 or rob.gutmann@bpsm.com