ESOP Plan Amendments for EGTRRA

[Guest tfurlong]

Has anyone filed amendments to their ESOP plans to account for the changes made as a result of the EGTRRA? I am attempting to file these in-house versus using legal counsel to save on cost. Any suggestions would be greatly appreciated.

[RLL]

Hi tfurlong ---

My suggestion.....Don't !

[Guest tfurlong]

That bad, eh? I have been receiving vague information from our current legal counsel on whether any amendments need to be filed at all. Since we are nearing the deadline for filing, I am concerned about whether or not I am receiving correct information. Plus, I was assuming I could use the generic amendments that the IRS has posted on their website, but they don't seem to be all encompassing. Do you know if these amendments are required to be filed, and if so, do we need to obtain determination letters from the IRS?

Thanks--Tom Furlong

[RLL]

Tom ---

If your current legal counsel is giving "vague information" and/or if you have lost confidence in her/him, get yourself competent experienced ESOP counsel who knows the rules and is able to give you definitive advice.

You're the client....you should expect and demand more from counsel than "vague" advice on such important matters.

There are many good ESOP lawyers out there who would welcome a new ESOP company client. Check with The ESOP Association (www.esopassociation.org) and the National Center for Employee Ownership (www.nceo.org) for recommendations.

[stephen]

I completely agree with RLL!