An ESOP can be a qualified retirement plan or non-qualified. It all depends on how the plan is set up and the intent of the business owner.
As a qualified ESOP, the plan must be filed with the DOL and IRS and approved. A non-qualified plan has fewer requirements and normally includes a substantial risk of forfeiture.
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As a qualified ESOP, the plan must be filed with the DOL and IRS and approved. A non-qualified plan has fewer requirements and normally includes a substantial risk of forfeiture.