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Author: klf Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 76418  
Subject: ESOP Rules Date: 11/15/1999 10:02 AM
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I work for a division of an "employee owned" firm. Part of our retirement plan is a company ESOP program in which a percentage of our salary is given to us once a year in company shares. As we are "private", an independent accounting firm valuates the shares once a year, and we get letters informing us how much our shares are worth. Our division is now up for sale, and we are being told that the company keeps the ESOP shares, and we are to contact the company at retirement, at which point we are entitled to the shares at the then current valuation. I thought that the rules for ESOP's state that within 5 years of separation from the company, the former employee must be offered the opportunity to cash out of the plan and roll the money into another retirement vehicle. Anyone have any info. on this?
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