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.

In this month's issue: TEA Launches legal challenges in defense of ESOPs, commentary on regulatory overreach by TEA President & CEO Jim Bonham, new advocacy resources to help you engage this Employee Ownership Month, and much more.

Welcome to the June issue of the ESOP Report - find the latest ESOP news, tips, topics, and more!

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.

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.