Prototype ESOP document restatement. Rev. Proc 2011-49???

[Lori H]

Prior ESOP was individually designed but will use Pre-approved document instead for next restatement. Where does the IRS state that a sponsor can now use a Prototype and delay the restatement of their document?

Also, is there a list of regulatory amendments required for ESOPS the past 5 years?

[Linda Wilkins]

Announcement 2020-7 (PDF) opened the 3^rd cycle submission period for employers with eligible defined contribution (DC) plans to apply for a determination letter using Form 5307 starting August 1, 2020, through July 31, 2022.  The 3^rd  DC cycle includes Employee Stock Ownership Plans (ESOPs) for the first time.

I have a question:  where can I find a sponsor of a prototype ESOP document?  I have not seen any offered but I believe there must be some out there.  Appreciate any recommendations.

[Kevin C]

39 minutes ago, Linda Wilkins said:

Announcement 2020-7 (PDF) opened the 3^rd cycle submission period for employers with eligible defined contribution (DC) plans to apply for a determination letter using Form 5307 starting August 1, 2020, through July 31, 2022.  The 3^rd  DC cycle includes Employee Stock Ownership Plans (ESOPs) for the first time.

I have a question:  where can I find a sponsor of a prototype ESOP document?  I have not seen any offered but I believe there must be some out there.  Appreciate any recommendations.

If you are looking for a document provider with a pre-approved ESOP, ASC, FIS and FT William and possibly a couple of others have them.  The IRS has a list of the cycle 3 document sponsors on their website. If you are looking for a firm that is sponsoring an ESOP document from one of the document providers, they are also on this list.  If you look at the FFN for a document on the list, characters 8 and 9 tell you which document provider's document they are using.  ASC = BH, FIS = 07 and FT William = FT. 

https://www.irs.gov/pub/irs-tege/ppa_listdc3.pdf

You can get some of the other sponsorship lists here:

https://www.irs.gov/retirement-plans/list-of-preapproved-plans

 

 

[Linda Wilkins]

Thank you Kevin.  I see that none of these have been released.  Can you tell me when they will be available for adopting employers?

[Kevin C]

ASC sent out an e-mail today that lists their projected release timing for the ESOP/KSOP document as November.  From the list they provided, it looks like ESOP/KSOP will be the last one of their documents available.  It also says some of their Cycle 3 401(k) documents are available now.