In the past we have discussed Using An Employee Committee to Informally Improve Communication. Boring Meetings? Get Out the Water Guns shares some creative ways that companies are using to make meetings more interesting, efficient, and effective. The end result: more attendees are speaking up and sharing their ideas:

Yesterday we have discussed how February 1 is the Cycle D Submission Deadline. Last week we discussed the process to apply for a Private Letter Ruling (PLR) and the recently updated 2010 IRS Revenue Procedures for rulings and determination letters. Revised determination letter procedures issued by IRS discusses some of the mostly minor changes, including that documents should not be stapled or bound and that a determination letter may not be relied upon for any period preceding the beginning of the remedial amendment cycle for which the letter is issued:

Earlier this month we discussed some Upcoming Awards. The Employee Ownership Blog has announced March 1, 2010 as the 2010 deadline and provides a link to The ESOP Association's 2010 AACE Annual Awards for Communications Excellence brochure.

IRS Revenue Procedure 2007-44 – Rulings and determination letters established a 5-Year Remedial Amendment system of staggered cyclical remedial amendment periods for every individually designed qualified plan. Plan sponsors need to apply only once every five years within their applicable 5-year remedial amendment cycle for an opinion, advisory, or determination letter. The 5-year remedial amendment cycle is determined by looking at the last digit of the plan sponsor's EIN. Plan sponsors with EINs ending in "4" and "9" are in Cycle D and their 5-year remedial amendment cycle generally runs from February 1, 2009 through January 31, 2010. Plan amendments, restatements, trust agreements, and any other relevant documents must be included in the filing.

Rewarding Culture discusses American Century Investments (ACI) and their employee recognition program:

The ESOP distribution timing rules for terminations due to Death, Disability, and Retirement and Other Separations of Service are in addition to the distribution rules that apply to all qualified plan distribution rules. Generally speaking, the Internal Revenue Code does not allow the assignment of an account balance. It does make an exception for an alternate payee under a qualified domestic relations order (QDRO):

Last week I attended a Minnesota/Dakotas ESOP Association state chapter event. Ken Ritterspach, the President and CEO of Stylmark, Inc., discussed some of the significant ups and downs his company has experienced over the past three years. He organized his presentation around Seven Lessons for Leading in Crisis by Bill George:

The Great Place to Work^® Institute has released the list of 100 Best Companies to Work for 2010. The Employee Ownership Blog notes how eight of the companies are employee owned in Fortune Magazine's 2010 List of 100 Best Companies to Work For Features Employee Owned Companies:

The Beyster Institute provides a review of the current ESOP legislation in On The Legislative Front: New Bills Aim to Preserve and Enhance the Benefits of ESOPs. It also discusses the status of a companion bill to S. 1612: Employee Stock Ownership Plan Promotion and Improvement Act of 2009:

Applying for a Private Letter Ruling describes the process to apply for a private letter ruling.

The most recent Employee Ownership Blog post, EBRI Says Career Jobs Never Existed, discusses how a study found that the notion that Americans used to work for one employer for their entire career is a myth. The study, Employee Tenure, 2008, found that career jobs never existed for most workers:

The ESOP distribution timing rules for terminations due to Death, Disability, and Retirement and Other Separations of Service are in addition to the distribution rules that apply to all qualified plan distribution rules. The Internal Revenue Code provides that distributions must generally begin no later than the 60th day after 1) the later of age 65 (or the normal retirement age if earlier), 2) the 10th anniversary of participation in the plan, and 3) termination from service.

We have covered the DOL's Guidance on 2009 Schedule C Reporting Requirements, which was preceded by DOL Issues 40-FAQs About IRS Form 5500 – Schedule C. Schedule C — Part 1; Who Must File the New Schedule C? reviews which plans must file Schedule C – Service Provider Information:

We have discussed the ESOP distribution timing rules for terminations due to Death, Disability, and Retirement and Other Separations of Service. If there is an outstanding ESOP loan, the Internal Revenue Code allows payments to be deferred until the close of the plan year in which the loan is paid in full.

The January 15, 2010 Employee Ownership Update is online and discusses the following:

We previously discussed the ESOP Distribution Timing rules for Death, Disability, and Retirement. The Internal Revenue Code provides that ESOP distributions to participants that terminate for reasons other than death, disability, or retirement must begin no later than 1 plan year after the end of the 5th plan year after the year of termination. For example (assuming a 12/31 plan year end), if a participant terminates on June 29, 2009, the participant must begin receiving payments after the December 31, 2014 allocation is completed (which should be sometime in 2015), and the payment must begin by December 31, 2015.

The Internal Revenue Code provides that ESOP distributions to participants that terminate as a result of death, disability, or retirement must begin no later than 1 year after the end of the plan year of the termination date. For example (assuming a 12/31 plan year end), if a participant terminates after meeting the retirement provisions of the plan on August 15, 2009, the participant must begin receiving payments after the December 31, 2009 allocation is completed (which should be sometime in 2010), and the payments must begin by December 31, 2010.

Yesterday we took a look at 7 Core Board Functions. Board of Directors Meeting Agendas provides a list of matters to be explored each year:

During our many ESOP Corporate Governance discussions we have noted that there is not a lot of published guidance on ESOP Corporate Governance and the Responsibilities of the Board of Directors. One way to stay on top of corporate governance issues is to review and implement the best practices from public companies that are relevant and practical to the governance of your company. Last month we discussed 12 Key Board Actions. Some Thoughts for Boards of Directors in 2010 explores some core board functions:

Four Solid Steps to Win Business Awards discusses four easy steps to use to apply for and win an award on behalf of your company and/or employees:

If you paid any benefit payments last year you will have to prepare and file some government forms. The General Instructions for Forms 1099, 1098, 5498, and W-2G provides guidance on how to prepare and file the forms:

The text of S. 2914: A bill to provide for the establishment of the United States Employee Ownership Bank, and for other purposes is now available:

The text of S. 2909: A bill to provide State programs to encourage employee ownership and participation in business decision-making throughout the United States, and for other purposes is now available:

Key Studies on Employee Ownership and Corporate Performance summarizes the findings of studies on employee ownership and corporate performance, including studies related to private company ESOPs:

The January 4, 2010 Employee Ownership Update is online and discusses the following: