Understanding & Updating Your ESOP Documents

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The Plan and Trust Agreement are the primary legal documents that govern the design and administration of the Plan. The Summary Plan description is the primary legal document for communicating the design features and administrative procedures to employees. Important Plan design and administration issues include eligibility, allocation, vesting, distribution, diversification, voting, and repurchase. Common problems, recommended solutions, and changes to current provisions will be discussed. Recent IRS qualification requirements, determination letter procedures, and correction programs will be reviewed. Plan design features become more important as an ESOP matures and issues regarding sustainability become more prominent.

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