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ESOP Plan Design And Document Drafting

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Updated August 2020

If we’re drafting your ESOP plan document, then you’ll become familiar with our ESOP Plan Design Checklist. That checklist is what jump-starts our conversation with you about how your ESOP should be designed. This article tells you why we’re asking the questions we ask on the checklist. Who will be eligible to participate in the ESOP and when? Will they receive vesting credit for service prior to the existence of the ESOP? Pass-through voting rights? Should the ESOP be combined with a 401(k)? Who will be the “plan administrator”? You’ll learn what these concepts mean and what the available design options are so that you’re ready to make those design decisions when it’s time to start drafting.

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EDITOR’S NOTE: We did the best we could to make sure the information and advice in this article were current as of the date of posting to the web site. Because the laws and the government’s rules are changing all the time, you should check with us if you are unsure whether this material is still current. Of course, none of our articles are meant to serve as specific legal advice to you. If you would like that, please call us at (916) 357-5660.