The end of 2010 is fast approaching and it is this time of year that plan sponsors often end up making needed amendments to their plan documents. Here is a nice summary of the potential amendments – Does Your Qualified Retirement Plan Need to Be Amended This Year?
Notably, if the employer identification number assigned to the sponsor of your ESOP ends in 5 or 0, then your ESOP falls into Cycle E and must be restated prior to January 31, 2011. However, if you are also incorporating any discretionary changes in the operation of your plan document (e.g., change in allocation formula, distribution provisions, etc.) then those amendments will need to be adopted by December 31, 2010 (assuming a calendar year end.)
thx for the ESOP # info. I'll have to check mine to see it ends in 5 or 0.
Posted by: stock ideas | November 27, 2010 at 01:33 PM