ESOPs are so complicated. How does Blue Ridge keep track of all the laws and guidelines?
It is a crucial part of our business to know every rule and regulation that could effect the operation of our clients’ ESOPs and 401(k) plans. We obtain this knowledge in a variety of ways, including the following: We subscribe to several on-line services that provide updated information on all qualified plan issues, including Internal Revenue Service and Department of Labor rulings. We attend the conferences held by national organizations that promote ESOPs and employee ownership, such as The ESOP Association, the National Center for Employee Ownership, and The Beyster Institute. These conferences provide a wealth of information on ESOP technical and communications issues. We network with our colleagues in the business–attorneys, appraisers, outside trustees, bankers, investment advisors and other third party administrators–to come to an understanding of “best practices” and accepted procedures in situations for which there are no black and white rules. We hold regular internal meet
