ESOP机会成本：太好了，无法实现吗？
Hello,
I am looking for the forums perspective on my employers ESOP proposition and the associatedopportunity cost as itrelates to staying at the company for ~30 years to receive a BIG payout upon retirement.
我在论坛上的问题是：如果我今天可以换工作并将基本工资提高10-20％，那么在接下来的30年中，这不会比等待未来30年的ESOP分配要多得多。3％？
1) My employer is a 100% employee owned ESOP company. They contribute 17% of my base salary each year to the ESOP program on my behalf (5 year vesting schedule). Great place to work.
2) I received the ESOP koolaid which included some incredible charts and graphs showing the incredible growth in value of the ESOP since its inception ~20 yrs ago. The average ten year return since inception is around 14%. The graphs and charts make it appear as if you can retire as a multimillionaire with 22MM after staying at the company for ~30 years. This seemed to good to be true. Since this 22MM value appeared too good to be true I met with a financial advisor and they did confirm that the graphs in the literature were future values and did not take into account inflation.
我之所以有兴趣弄清上述问题，是因为我们目前在一个HCOL城市，我的 +我妻子的基本工资将使我们能够根据我们的职业工资范围来购买靠近我目前办公室的房屋的能力我们的行业。我们有两个选择：
1) Relocate to company office in undesirable MCOL city (A) where we can afford to buy a home and stay with this company for the long haul (~30 years) to cash in on ESOP.
2) Find another job with a competitor (which pays 10-20% more) in MCOL city (B) where we can afford to buy a house, live near family and invest in rental properties on the side.
我的思考，鉴于我对NPVis that its far better to have more money today than it is to have the promise of more money in the future. In my mind I consider staying at a company for 30 years to cash in an ESOP an investment of my time with associated opportunity costs (limited desirable office locations etc.) that is inherent in the ESOPs value proposition.
- 固定AM论坛，因为我了解AM的重点是评估投资机会（在这种情况下，我在公司的时间）。让我知道另一个论坛是否更适合此讨论或特定的财务专业人员CFPvs.CFA将是评估这一决定的好资源。
谢谢for your thoughts in advance.
Comments (6)
thebrofessor
After reading through many of your posts I would be interested to hear your thoughts on my question above.
谢谢
tell me more about what type of firm it is, how you get paid out at retirement, and if it's all tax deferred (e.g. like a pretax IRA/401k)
间谍的10年回报率约为16.5％，因此实际上不如股票市场
if it's as simple as that - an illiquid option that doesn't offer world beating returns versus not, I take liquidity 10 out of 10x
thebrofessor
感谢您的直接评论，因为金融不是我的母语。谢谢！
Company: General Contractor
Form of payment: 1) Direct rollover to qualified retirement plan/IRA OR 2) Cash payment, subject to 20% withholding for federal income taxes, applicable
taxes and early withdrawal penalty (if under age 59 ½).
Timing of payment: 1) Lump sum OR 2) Equal payments over 5 year period (companies discretion between the two)
税收：公司的所有ESOP供款无需税收，直到由于ESOP为合格的退休计划而分配。
55岁的ESOP多元化选项
是的，这可能是好的，或者可能非常不知所措，单股风险很大。如果您有另一个OPP，我不会因为ESOP而留下来。我宁愿让他们付钱给我更多，我只是把现金投入市场
I worked for a similar firm in a past life and always thought it was silly, you're pegging both your ability to afford day to day expenses, and your retirement to 1 stock. Huge firm specific risk and the exact opposite of diversification.
Now for the pipe fitter who makes his way up to a cushy office job it's bad ass compared to lateraling to be a pipe fitter for an extra $5 an hour. Sounds like you have a more educated world view than that though.
Another thing that gave me pause was the returns that were advertised. And going through interviews for somevaluationconsultant type companies, where they pretty bluntly told me "ya if it's a court splitting up a company because of owners getting a divorce 3-5xebitda, if it's a valuation of an esop, you kind of just tell them a number that's a little better than last year". In my case returns were advertised as being VERY HIGH, and you just kind of scratch your head and have to ask "should our equity really be appreciating at a rate that's better than亚马逊because we build things?"
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