FOR IMMEDIATE RELEASE
August 12, 2022
The ESOP Association Statement on Final Passage of Inflation Reduction Act
Today, the U.S. House of Representatives passed the Inflation Reduction Act (HR 5376). It will now advance to President Biden and is expected to be signed into law in the next ten days.
The ESOP Association
ESOP Association Resources
Aug. 08
FOR IMMEDIATE RELEASE
August 8, 2022
The ESOP Association Hails Senate Passage of Critical Provisions in Reconciliation Bill
The Senate-passed reconciliation bill in Congress, titled the Inflation Reduction Act (H.R. 5376), includes language promoted by The ESOP Association to protect employee stock ownership plans from new excise taxes on stock repurchases. This provision potentially paves the way for a tremendous financial incentive to form employee stock ownership plans.
August 8, 2022
The ESOP Association Hails Senate Passage of Critical Provisions in Reconciliation Bill
The Senate-passed reconciliation bill in Congress, titled the Inflation Reduction Act (H.R. 5376), includes language promoted by The ESOP Association to protect employee stock ownership plans from new excise taxes on stock repurchases. This provision potentially paves the way for a tremendous financial incentive to form employee stock ownership plans.
Mar. 14
Washington, DC, March 14, 2022 - The ESOP Association and American Benefits Council jointly filed an amicus brief in the U.S. Court of Appeals for the Second Circuit in support of the belief that ESOP plans need, and have, the ability to require individual arbitration to resolve individual participant disputes. A previous District Court ruling has the potential to eliminate individual arbitration, which would dramatically increase the litigation costs for companies with employee defined-contribution retirement plans, such as ESOPs and 401(k)s.
Mar. 01
Des Moines Iowa, March 1, 2022 –Today Iowa Governor Kim Reynolds returned to Library Binding Services (LBS Inc.), a 100% employee-owned business, to sign into law legislation to eliminate state taxes on retirement income, including taxes on Employee Stock Ownership Plans (ESOP) distributions. This important change has the power to motivate more Iowa business owners to sell their businesses to their employees as a business succession plan.
Jul. 21
Ted Becker Wins Lifetime Service Award
Washington, DC, July 19, 2021 – Theodore “Ted” Becker, Partner at McDermott Will & Emery in Chicago, has been awarded the ESOP community’s highest honor, The 2021 Lifetime Service Award. The Lifetime Service Award honors individuals who have made a significant, long-term contribution to employee ownership and the ESOP community.
Washington, DC, July 19, 2021 – Theodore “Ted” Becker, Partner at McDermott Will & Emery in Chicago, has been awarded the ESOP community’s highest honor, The 2021 Lifetime Service Award. The Lifetime Service Award honors individuals who have made a significant, long-term contribution to employee ownership and the ESOP community.
Jul. 02
Washington, DC, June 21, 2021 - Jessica Molnar, Intern Architect at Wiley|Wilson, based in Lynchburg, VA has been named The ESOP Association’s 2021 Employee Owner of the Year. This award recognizes a non-management employee owner who provides a positive influence in the company and participates in the company’s employee ownership activities and the activities of The ESOP Association (TEA). It is one of the highest honors that TEA bestows.
Jul. 02
Washington, DC, June 21, 2021 - Recology, a resource recovery ESOP company based in San Francisco, CA, has won The ESOP Association’s highest corporate honor—the ESOP Company of the Year Award. The award honors a company that actively participates in the employee ownership community and that demonstrates a dedication to The ESOP Association’s vision of employee participation, wealth creation, and individual dignity and worth.
Resource, Press Releases
May. 11
The ESOP Association celebrates a new law that will help businesses better understand and pursue options for becoming employee owned. The law—the Main Street Employee Ownership Act—seeks to make better use of existing programs offered by the Small Business Administration (SBA) to companies considering an employee owned model, such as an Employee Stock Ownership Plan (ESOP).