Many employee stock ownership plan companies replace the employer stock held in terminated participants’ accounts with other assets. This strategy is commonly referred to as “account conversion” or “account segregation,” and involves transferring stock from the accounts of terminated participants to those of active ESOP participants in exchange for nonstock assets of equal value through the recycling process. The Internal Revenue Service recently issued guidance clarifying several issues, giving plan sponsors more certainty when using this strategy, which it labeled “reshuffling.”