BASIC ESOP ADMINISTRATION - The ESOP Association

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John Burgess - Seyfarth Shaw LLPJonathan Markham – Blue Ridge ESOP AssociatesSummary Plan Description (SPD)• Provides the provisions of the plan document inlayman’s terms.• Due Date:▫ For new ESOPs – 120 days after the plan is adopted or120 days after the plan is effective, whichever is later▫ For new participants – 90 days after becoming aparticipation▫ For beneficiaries – 90 days after first receivingbenefits.• Summary Material Modification (SMM) –amendment to the SPD
John Burgess - Seyfarth Shaw LLPJonathan Markham – Blue Ridge ESOP AssociatesSummary Annual Report (SAR)• Provides a summary of the Form 5500 to planparticipants and beneficiaries.• Due Date:▫ 9 months after the plan year end or▫ 2 months after the due date of the Form 5500,including extension, if later
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