Employee Stock Ownership Plans (ESOP) are a type of qualified retirement plan subject to the qualification requirements of the Internal Revenue Code. SG&F has been designing and creating Employee Stock Ownership Plans for over twenty-five years. Through a two-step process, our compliance team works with each of our clients to develop and design plan terms that are tailored to and meet your specific needs and objectives, as well as the legal rules applicable to ESOPs. At the end of the process we provide our clients with a plan document, trust agreement, summary plan description and beneficiary designation form.
Our Compliance Team also monitors changes in the laws that affect ESOP plan documents and/or the administration of the plan and provides updates to our clients on such changes in the law. Annually, SG&F handles the submission of a large number of ESOP plan documents to the IRS to obtain favorable determination letters on behalf of clients. As the needs or objectives of our clients change, we work with them to make any needed amendments to the plan document in order to reflect those changes.
In addition, SG&F attorneys assist and advise clients in various operational issues and questions that arise, including requirements related to diversification, distributions, eligibility, vesting and forfeitures, as well as the review of Qualified Domestic Relations Orders.
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