Regional Vice President of Sales The Retirement Plan Company
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Bates & Company, Inc.
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AimPoint Pension
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Loan & Distribution Specialist AimPoint Pension
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Defined Benefit Combo Cash Balance Compliance Consultant Loren D. Stark Company (LDSCO)
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Compass
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Press Release IRS Approves Husch Blackwell's Pre-Approved ESOP |
Issued by Husch Blackwell July 27, 2020 |
As many are aware, the IRS announced a few years ago that it would no longer issue determination letters regarding the ongoing qualification of your ESOP plan document, except upon termination of the plan. This means that all existing ESOP plan documents, regardless of who issued them, will no longer be properly supported by the IRS. Instead, the IRS opened its “pre-approved” program to ESOPs so that firms such as Husch Blackwell that are deeply committed to ESOPs and have a volume of plan documents could obtain approval for a form ESOP that has options embedded within it so that the document can be customized to fit your needs. Husch Blackwell is pleased to announce that we have received official written notice from the IRS of approval of our pre-approved ESOP. IRS procedures provide for the IRS to periodically issue opinion letters approving the ongoing qualification of pre-approved plans, so our pre-approved plan will have ongoing support from the IRS unlike all existing ESOP plan documents.
Contact us If you have any questions or would like to discuss how our pre-approved ESOP document could be advantageous to your specific needs, please contact Mark Welker, Alan Kandel or your Husch Blackwell attorney. |
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