Judy Kornfeld, CEO
judy@esopeconomics.com
Judith L. Kornfeld is the founder and president of ESOP Economics.  She works with clients on all aspects of ESOP repurchase obligation planning, focusing on helping companies develop strategies for managing and funding their ESOP obligations.    

Judy has been working with ESOP companies for nearly 20 years.  In 1993, she founded ESOP Economics to create a resource to which companies could turn for advice and services related to their repurchase obligations, which were just beginning to emerge as an important issue.  Over the years, she has authored many articles about ESOP repurchase obligations and is a popular speaker at regional and national ESOP conferences.

Judy chairs the Interdisciplinary Advisory Committee on Fiduciary Issues of The ESOP Association (TEA).  She also serves on TEA's Advisory Committee on Finance and is a past chair of that committee. She has served on the Board of Directors of TEA, on numerous planning committees, and as an officer of the Pennsylvania Chapter.   She currently serves on the Board of Trustees of the Employee Ownership Foundation.   

Judy received her law degree from the University of Pennsylvania Law School, her M.B.A from the Wharton School, and her B.A. in economics from the University of Pennsylvania. 

Cecilia Loftus
cecilia@esopeconomics.com
Cecilia A. Loftus is the Manager of Repurchase Obligation Studies at ESOP
Economics. In that capacity, she is responsible for project scheduling and works with clients on all aspects of repurchase obligation studies.

Cecilia has more than eleven years' experience in the retirement plan industry and has focused on repurchase obligation planning since joining ESOP Economics in 2002.

She holds the Qualified Pension Administrator (QPA) and Qualified 401(k) Administrator (QKA) designations from ASPPA (The American Society of Pension Professionals & Actuaries).

Cecilia is a member of the ESOP Association's Finance Advisory Committee and formerly served as the Secretary/treasurer of the Pennsylvania/Delaware Chapter. She has spoken on forecasting ESOP repurchase obligations at a number of ESOP conferences.

She received her B.A. from The University of Notre Dame and is currently enrolled in the M.B.A. program at LaSalle University.

Ellen Gealt
ellen@esopeconomics.com
Ellen R. Gealt is the Manager of Training and Technical Support at ESOP Economics.  Her responsibilities include developing and providing customized client training on Telescope™ software, managing all aspects of technical support for Telescope users, and overseeing the ongoing development and programming of the Telescope software.

Ellen worked with ESOP Economics from 2001 through 2004 as an Analyst/Consultant and rejoined the company in 2006 after earning her Masters of Education degree with distinction in Adult and Organizational Development from Temple University in Philadelphia, PA. She is a member of The ESOP Association, the American Society for Training & Development, and the Organizational Development Network. Ellen has also completed the CEBS (Certified Employee Benefit Specialist) Retirement Plans exam and Human Resources and Compensation Management exam.

Her prior work experience includes managing employees and accounts for a leading national distributor of magazines.  Ellen received her B.A. from Washington University in St. Louis, MO.

Tina DiCroce
tina@esopeconomics.com
Tina M. DiCroce joined ESOP Economics, Inc. in April of 2007 as an Analyst/Consultant.  Her responsibilities include working on Repurchase Obligation Studies and all aspects of technical support for Telescope users. Prior to joining ESOP Economics, she had several years of professional work experience, including two years of managing insurance-replacement rentals for a leading international car rental agency.

Tina received her B.A. in economics from Villanova University, where she also earned a Masters of Arts degree in Liberal Studies, which included a Certificate in the Great Books Literature Program.

Courtney Hogan
courtney@esopeconomics.com
Courtney C. Hogan is an Analyst/Consultant at ESOP Economics, Inc. Her responsibilities include working on Repurchase Obligation Studies and providing technical support for Telescope users.

Courtney joined ESOP Economics in 2007 after graduating from the Honors Program at Villanova University with a Bachelor of Arts degree in Economics and a Bachelor of Arts degree in Sociology.