ESOP Advocacy Issues
For decades Employee Stock Ownership Plans have received unprecedented bipartisan and bicameral support in Congress. This is only possible because of the tireless work of our passionate community. However, there are some fundamental issues that our community must rally around if we want to continue to grow and thrive in the years to come.
Current ESOP Advocacy issues
As with all qualified employee benefit plans, ESOPs are governed by the Employee Retirement Income Security Act of 1974 (“ERISA”).
To ensure equitable representation of historically disadvantaged groups, Congress has provided for programs to support businesses owned by minorities, women, veterans, and other groups.
All defined contribution plans, including employee stock ownership plans (ESOPs), must provide a benefit statement to each participant annually.
Latest Advocacy News
Department of Labor Highlights Growth and Impact of ESOPs in New Congressional Report
Department of Labor Highlights Growth and Impact of ESOPs in New Congressional Report
The U.S. Department of Labor (DOL) recently released its Employee Ownership Initiative Report to Congress. The bipartisan Worker Ownership, Readiness, and Knowledge (WORK) Act, enacted as part of the SECURE 2.0 Act in 2022, directed the DOL to report on its activities to promote employee ownership.
Letter Supporting Nominations of Janet Dhillon to be Director of the Pension Benefit Guaranty Corporation and Dan Aronowitz to be the Assistant Secretary at EBSA at the DOL
Letter Supporting Nominations of Janet Dhillon to be Director of the Pension Benefit Guaranty Corporation and Dan Aronowitz to be the Assistant Secretary at EBSA at the DOL
Dear Leader Thune, Leader Schumer, Chairman Cassidy, Chairman Crapo, Ranking Member Sanders, and
Senate Appropriations Committee Includes Funding for Employee Ownership Initiative in FY26 Labor, Health and Human Services, Education, and Related Agencies Funding Package
Senate Appropriations Committee Includes Funding for Employee Ownership Initiative in FY26 Labor, Health and Human Services, Education, and Related Agencies Funding Package
On July 31, the U.S. Senate Committee on Appropriations passed the Fiscal 2026 Labor, Health and Human Services, Education, and Related Agencies (LHHS) Appropriations Act in a strongly bipartisan vote of 26-3.
Head of DOL’s Division of Employee Ownership Reinstated
Head of DOL’s Division of Employee Ownership Reinstated
The ESOP Association has been informed that the chief of DOL’s Division of Employee Ownership, Hilary Abell, has been reinstated, effective Monday, March 10. TEA is grateful to the Trump Administration for this rapid decision.
Senate Committee Approves Lori Chavez-DeRemer’s Nomination for Secretary of Labor
Senate Committee Approves Lori Chavez-DeRemer’s Nomination for Secretary of Labor
The U.S. Senate Committee on Health, Education, Labor & Pensions (HELP) today voted to advance Lori Chavez-DeRemer’s nomination for Secretary of Labor to the full Senate.