EXHIBIT 5.1
INTERNAL REVENUE SERVICE DEPARTMENT OF THE TREASURY
P. O. BOX 2508
CINCINNATI, OH 45201
Employer Identification Number:
Date: June 23, 2000 64-0679456
DLN:
ChemFirst Inc. 17007266007039
C/O E. Phillip Bush, Esq. Person to Contact:
LOCKE, LIDDELL & SAPP, L.L.P. RUDOLPH A. BOLDREGHINI ID# 31070
2200 ROSS AVENUE, SUITE 2200 Contact Telephone Number:
DALLAS, TX 75202-6776 (877) 829-5500
Plan Name:
CHEMFIRST INC. 401(K) SAVINGS AND
ESOP
Plan Number: 002
Dear Applicant:
We have made a favorable determination on your plan, identified above,
based on the information supplied. Please keep this letter in your permanent
records.
Continued qualification of the plan under its present form will depend on
its effect in operation. (See section 1.401-1(b) (3) of the Income Tax
Regulations.) We will review the status of the plan in operation periodically.
The enclosed document explains the significance of this favorable
determination letter, points out some events that may affect the qualified
status of your employee retirement plan, and provides information on the
reporting requirements for your plan. It also describes some events that
automatically nullify it. It is very important that you read the publication.
This letter relates only to the status of your plan under the Internal
Revenue Code. It is not a determination regarding the effect of other federal or
local statues.
This determination is subject to your adoption of the proposed amendments
submitted in your letter dated April 7, 2000. The proposed amendments should be
adopted on or before the date prescribed by the regulations under Code section
401(b).
This determination letter is applicable for the amendment(s) executed on
December 2, 1997.
This determination letter is applicable for the amendment(s) dated on
December 31, 1998.
This plan satisfies the requirements of Code section 4975(e) (7).
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This plan has been mandatorily disaggregated, permissively aggregated, or
restructured to satisfy the nondiscrimination requirements.
This plan satisfies the nondiscrimination in amount requirement of section
1.401(a) (4)-1(b) (2) of the regulations on the basis of a design-based safe
harbor described in the regulations.
This plan satisfies the nondiscriminatory current availability
requirements of section 1.401(a) (4)-4 (b) of the regulations with respect to
those benefits, rights and features that are currently available to all
employees in the plan's coverage group. For this purpose, the plan's coverage
group consists of those employees treated as currently benefiting for purposes
of demonstrating that the plan satisfies the minimum coverage requirements of
section 410 (b) of the Code.
This letter considers the changes in the qualifications requirements made
by the Uruguay Round Agreements Act (GATT), Pub. L. 103-465, and the Taxpayer
Relief Act of 1997 Pub. L. 105-34, and the changes in the qualifications
requirements made by the Small Business Job Protection Act of 1996, Pub. L.
104-188, that are effective before the first day of the first plan year
beginning after December 31, 1998.
The information on the enclosed Publication 794 is an integral part of
this determination. Please be sure to read and keep it with this letter.
The requirement for employee benefits plans to file summary plan
descriptions (SPD) with the U.S. Department of Labor was eliminated effective
August 5, 1997. For more details, call 1-800-998-7542 for a free copy of the SPD
card.
The information on the enclosed addendum is an integral part of this
determination. Please be sure to read and keep it with this letter.
We have sent a copy of this letter to your representative as indicated in
the power of attorney.
If you have questions concerning this matter, please contact the person
whose name and telephone number are shown above.
Sincerely yours,
Carol D. Gold
Director, Employee Plans
Enclosures:
Publication 794
Addendum
ChemFirst Inc.
This letter supersedes our letter dated on or about April 19, 2000. This
determination letter is also applicable to the amendment dated July 1, 1999.
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