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. In May 2008, Judy was honored with The ESOP Association's Life Member Award in recognition of her service to the association over many years. MORE    

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 a Director 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 ten 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. In 2010, Cecilia was inducted into Beta Gamma Sigma.

Tina DiCroce
tina@esopeconomics.com
Tina M. DiCroce joined ESOP Economics, Inc. in April of 2007 and is a Senior Analyst.  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 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.

Brian Han
brian@esopeconomics.com
Brian C. Han joined ESOP Economics as an Analyst in January 2010. His responsibilities include working on Repurchase Obligation Studies, with an emphasis on financial analysis, and providing technical support for Telescope users.

Prior to joining the firm, Brian had several years of experience in finance, most recently as an Investment Banking Associate with a boutique private placement investment bank in New York. He holds a B.A. in Economics and Mathematics from Yale University

Melissa Franklin
melissa@esopeconomics.com
Melissa Franklin joined ESOP Economics, Inc. in 2008 and is the Office Manager. Her responsibilities include Accounts Payable and Receivable, maintaining the ESOP Economics, Inc. website, and multiple administrative tasks. With over ten years experience as an Administrative Assistant and Bookkeeper, she assists in keeping the ESOP Economics, Inc. office running smoothly on a daily basis.

Melissa studied Fashion Design & Business Management at Philadelphia University, and is presently working toward her BSBA at Thomas Edison State College.