Guest mcw Posted August 20, 2003 Posted August 20, 2003 I inherited two ESOPs from an attorney who left our firm and have never dealt with them. Do they have to be restated for GUST? They are both prototypes. Does the 9/30 deadline apply to them? I realize this is probably a dumb question, but I have to ask it.
WDIK Posted August 21, 2003 Posted August 21, 2003 Here is another dumb question - are there prototype ESOP documents? ...but then again, What Do I Know?
ljr Posted August 21, 2003 Posted August 21, 2003 No, I've never heard of an ESOP prototype. Maybe the first post refers to the firm's "standard" version of an ESOP document. Another situation for experienced ERISA counsel even if consulting another legal firm is necessary.
ljr Posted August 21, 2003 Posted August 21, 2003 I should have added that they do need restatement for GUST, etc.
Kirk Maldonado Posted August 21, 2003 Posted August 21, 2003 ESOPs cannot use prototype documents. Kirk Maldonado
Guest dukec Posted August 21, 2003 Posted August 21, 2003 The Sungard Corbel website has some information pertaining to this topic. But I believe the deadline has already passed since ESOPs cannot use a prototype. The original deadline for our ESOPs was February 28, 2002.
Guest mcw Posted August 22, 2003 Posted August 22, 2003 I realize they are not "prototypes." I meant they were AccuDraft documents. Thanks for your help. I got the answer I was looking for - the deadline has passed.
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