man looking at chalkboard with down arrow labeled economy and up arrow labeled COVID-19 (Photo: Shutterstock)

Back at the turn of the new year, few people imagined the havocthat the COVID-19 outbreak would cause during the first quarter of2020. The broad financial outlook has worsened, and the valuationsof many companies might be dramatically affected. Where ESOPs areconcerned, this means that the 12/31/19 valuation—the valuecommunicated in 12/31/19 participant statements and used to reportthe fair market value of employer securities on 2019 Form 5500—doesnot account for the public health crisis that has transpired sincethen. Here are four things to consider when confronting an issuesuch as this one.

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