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ESOP Basics and Restatement cycle


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Please go gentle on me, I'm new to all of this.  

 

Two questions I'm trying to sort out are:

 

1. How often do ESOPs need to be restated (is this the correct term?) to the IRS?  I read every 5 years and now maybe every 6 if using this elusive prototype document process..

    1b. If a firm has not restated/resubmitted well beyond the allowed time is there a different process for restating or submitting or should that firm just hurry up and send it in to the IRS.

2. There is another post on this, so I risk redundancy, but after reading about how the IRS is now allowing ESOPs to follow the prototype, pre-approved process I'm having difficulty finding resources on this..  Anyone on here knowledge and generous to share more on this?

 

Thank you

JHawk

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I believe I found my answers digging through prior threads. 

The 5 year cycle is no longer relevant for ESOPs and all prior determination letters are still valid (assuming no significant changes to plans), even if expired. (This was mentioned by EBECatty) 

  • Rev. Proc. 2016-37, Section 13, 01 Rev. Proc. 2016-6 provides that, effective as of January 4, 2016, determination letters issued to individually designed plans will no longer contain an expiration date.
  • 02 Under this revenue procedure, expiration dates included in determination letters issued prior to January 4, 2016, are no longer operative.
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