I need to double check my understanding on the folowing issue. Any help from you would be appreciated.

I have an existing panelboard which feeds 2 pool heaters, The feeder to this panel comes from a meter room approx. 100' away.

The existing feeder to this panel is RMC and has no grounding conductor installed.

The job I am getting ready to do is to replace this panelboard that has a burnt busbar and I want to make sure that this install will meet code.

My question is this...

680.25(b) (2005 NEC) says that the feeder shall be installed with an equipment grounding conductor and for other than existing installations it shall be insulated.

I understand this as the RMC is ok since it is existing and is listed as an equipment grounding conductor.

Am I off base here ?

I know the best way would be to have a ground wire installed but like I said it is an existing feeder and I am replacing the panel only