### Question
What is the definition of employee stock ownership plan?


### Answer
The definition of **employee stock ownership plan** is as follows in *29 U.S.C. § 1107*:

> an individual account plan—


(A) which is a stock bonus plan which is qualified, or a stock bonus plan and money purchase plan both of which are qualified, under section 401 of title 26, and which is designed to invest primarily in qualifying employer securities, and


(B) which meets such other requirements as the Secretary of the Treasury may prescribe by regulation

#### Citation:
  - *29 U.S.C. § 1107*
  - Heading: **CHAPTER 18-EMPLOYEE RETIREMENT INCOME SECURITY PROGRAM > SUBCHAPTER I-PROTECTION OF EMPLOYEE BENEFIT RIGHTS > Subtitle B-Regulatory Provisions > part 4-fiduciary responsibility**

