In this month’s jam packed issue: TEA talks Employee Ownership Month, the recent petition filed with the Department of Labor, and several events and updates for the Employee Ownership Foundation, including ESOPATHON! Also don’t miss the EOM poster contest winner, an AACE Awards update, and Edmunson Scholarship recipients.
The ESOP Association
ESOP Association Resources
Sep. 22
Washington, D.C. – The ESOP Association (TEA) today exercised its rights under the Administrative Procedure Act to petition the U.S. Department of Labor (DOL) to undertake a long-delayed rulemaking essential to the formation and ongoing operation of ESOPs. Since 1974, the Department of Labor has steadfastly refused to fulfill requirements of the Employee Retirement Income Security Act (ERISA) in violation of Congressional direction and stakeholders’ rights under the Administrative Procedure Act (APA).
Sep. 22
The ESOP Association (TEA), the national trade association representing companies with Employee Stock Ownership Plans (ESOPs) and ESOP professionals, today exercised rights under the Administrative Procedure Act to petition the U.S. Department of Labor (DOL) to undertake a long-delayed rulemaking essential to the formation and ongoing operation of ESOPs.
Jun. 28
Welcome to the June issue of the ESOP Report - find the latest ESOP news, tips, topics, and more!
Jun. 24
Senator Van Hollen is a strong supporter of ESOPs and it was our pleasure to host him at the International Employee Ownership Center for an event. Employee owners in Maryland should be proud of his advocacy on their behalf.
Jun. 23
Employee ownership is continuing to see support in Congress, coming off two huge wins in the U.S. Senate. This time the House Appropriations Committee is considering a bill that would continue to direct the Small Business Administration to act in support of employee ownership. This effort continues the drumbeat in Congress, led by The ESOP Association, supporting employee ownership. Details are below.
Jun. 22
Senate Finance Committee passes the Enhancing American Retirement Now (EARN) Act, which includes a provision partially expanding section 1042 tax deferral to ESOPs that are S-corporations. The EARN Act section 1042 provision matches a similar provision in the Securing a Strong Retirement Act (H.R 2954) which passed the House of Representatives in March. The bill passed the Senate Finance Committee with unanimous support.
Jun. 17
The Senate Finance Committee today released a summary of the Enhancing American Retirement Now (EARN)
Jun. 14
The United States Senate Health, Education, Labor, and Pensions (HELP) Committee has passed S. 4353, the Retirement Improvement and Savings Enhancement to Supplement Healthy Investments for the Nest Egg (RISE and SHINE) Act, which includes significant provisions that promote ESOPs and require the U.S. Department of Labor (DOL) to provide regulatory guidance the Association has been seeking for more than four decades.
Jun. 07
Comment Letter Forewarns against Future Use of Proposed New Regs Against ESOPs; Requests the Department hold Public Hearings