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IRS Releases ESOP Guidance Posted by esopwebmaster (2010/7/23)

The IRS has created a special topical area of its website devoted to ESOP Resources, and, as part of the commencement of tis area, posted 4 "Responses to Technical Assistance Request" dealing with ESOP issues that were discussed in the IRS June, 2010 telephone forum. The 4 "Responses to Technical Assistance Request" are available via the IRS website or via the downloads area of this website.

The areas addressed by the posted responses are:

Response to Technical Assistance Request #1
This memorandum, issued November 3, 2009, concludes that provisions in certain employee stock ownership plans which provide that a distribution of stock is subject to immediate, mandatory resale are consistent with Code section 409(h).

Response to Technical Assistance Request #2
This memorandum, issued November 3, 2009, discusses plan language which defines “qualified participant” as set forth in Code section 401(a)(28)(B)(iii).

Response to Technical Assistance Request #3
This memorandum, issued December 9, 2009, discusses the required timing and substance of amendments intended to comply with Code section 409(p).

Response to Technical Assistance Request #4
This memorandum, issued February 23, 2010, discusses various qualification issues presented by plan provisions concerning the mandatory transfer of employer securities into and out of participant plan accounts.

[2010/7/23] Response to Technical Assistance Request (#4)
MEMORANDUM FOR DANIEL R. JONES, MANAGER, EP DETERMINATIONS QUALITY ASSURANCE

FROM: JoAnna H. Weber, Acting Director, Employee Plans Rulings and Agreements

SUBJECT: Response to Technical Assistance Request (#4)

This memorandum is in response to your Request for Technical Assistance, dated April
3, 2009, with regard to rebalancing and reshuffling provisions in employee stock ownership plans (“ESOPs”) (within the meaning of Internal Revenue Code...
[2010/7/23] Response to Technical Assistance Request (#3)
MEMORANDUM FOR DANIEL R. JONES, MANAGER, EP DETERMINATIONS QUALITY ASSURANCE

FROM: Andrew E. Zuckerman, Director, Employee Plans Rulings and Agreements

SUBJECT: Response to Technical Assistance Request (#3)

This Memorandum is in response to your Request for Technical Assistance, dated April 2, 2009, with regard to the timing of an amendment of an employee stock ownership plan (as defined in Internal Revenue Code (“Code”) section 4975(e)(7)), (“ESOP”), of...
[2010/7/23] Response to Technical Assistance Request (#2)
MEMORANDUM FOR DANIEL R. JONES, MANAGER, EP DETERMINATIONS QUALITY ASSURANCE

FROM: Andrew E. Zuckerman, Director, Employee Plans Rulings and Agreements

SUBJECT: Response to Technical Assistance Request (#2)

This Memorandum is in response to your Request for Technical Assistance, dated March 6, 2009, with regard to the language that is required under Internal Revenue Code section 401(a)(28) to be included in an employee stock ownership plan (within the meaning of...
[2010/7/23] Request for Technical Assistance (#1)
MEMORANDUM FOR DANIEL R. JONES, MANAGER, EMPLOYEE PLANS DETERMINATIONS QUALITY ASSURANCE

FROM: Andrew E. Zuckerman, Director, Employee Plans Rulings and Agreements
SUBJECT: Request for Technical Assistance (#1)

This Memorandum is in response to your Request for Technical Assistance, dated March 6, 2009, concerning immediate resale provisions in employee stock
ownership plans (within the meaning of Internal Revenue Code section 4975(e)(7)) and Internal Revenue Code...