DATE RELEASED: 10/16/17

MFM Building Products, based in Coshocton, Ohio, is now an ESOP (Employee Stock Ownership Plan) company as of July 1, 2017.

According to Tony Reis, Vice President & General Manager, "This move to become an ESOP company has spurred an exciting time in MFM's history.  Our employees have found a new dedication to producing the best waterproofing barriers in the industry and there is a lot of pride in what we provide our customers."

MFM Building Products was founded in 1961 and...

DATE RELEASED: 10/13/17

President Donald J. Trump today announced his intent to nominate Preston Rutledge of the District of Columbia to be an Assistant Secretary of Labor, Employee Benefits Security Administration. 

Mr. Rutledge currently serves as senior tax and benefits counsel on the Majority Tax Staff of the U.S. Senate Finance Committee where his responsibilities include employee benefits, retirement issues, tax-exempt organizations, health tax issues, and the tax provisions of the...

DATE RELEASED: 10/12/17

The Trump administration's tax proposal reduces tax rates for corporations and for high-income individuals, but does not do much to increase the wealth of the middle class. The only way it could do that is by reducing taxes for companies that share profits or stock with employees.

Real wages for most of the middle class have been basically flat for several decades in spite of a recent uptick. Most of the new wealth in our society is going to the top. The concentration of capital...

DATE RELEASED: 10/11/17

Lisa Gibson-Nicholson is a single mom who had worked a couple of different jobs before coming to Once Again Nut Butter.

In 12 years at the Nunda company, Gibson-Nicholson has been able to put her kids through college – and consider getting a degree herself – and has been to Nicaragua on company trips where she has met the farmers who provide the peanuts for her company.

The experiences, she said, have been life changing.

"All my dreams and hopes that I had started with and...

DATE RELEASED: 10/09/17

On the heels of a recent settlement agreement with an institutional employee stock ownership plan (ESOP) trustee, the U.S. Department of Labor (DOL) and individual trustee James F. Joyner III (Joyner) entered into a settlement agreement (the Joyner Agreement) filed on Sept. 29, 2017, in the U.S. District Court for the Western District of Virginia. The Joyner Agreement settles claims against Joyner as a special trustee of the BAT Masonry Company Inc. Employee Stock Ownership Plan and Trust (...

DATE RELEASED: 10/04/17

LEE, Mass.--(BUSINESS WIRE)--Today, the shareholders of The Fitzpatrick Companies, Inc. have approved the decision to commence an orderly liquidation of its companies and subsidiaries, which include Country Curtains, Inc., and the Housatonic Curtain Company, Inc. This vote follows a multi-year effort to either improve operations or identify a buyer; when neither proved successful, the Board of Directors recommended in September that the company pursue an orderly closure.

In approving...

DATE RELEASED: 10/04/17

Our tax code is screwed up in a thousand ways and there's scarcely a cohort in America that isn't hurt by this mess.

For instance, we will sacrifice nearly $1 trillion in the next decade to encourage wealthy people to buy bigger homes, while at the same time subjecting millions of middle class households to effective marginal tax rates of over fifty percent, a higher rate than almost everyone who is a denizen of the demonized top one percent.

The corporate tax code is even more...

DATE RELEASED: 09/25/17

WEST PALM BEACH, Fla. - September 25, 2017 - (Newswire.com)

Guardian Fleet Services has merged Kauff's Transportation Systems Inc. and Crockett's Towing LLC, converting the merged firm into an employee stock ownership plan company or ESOP.

At the same time, the parent company, to be known as Guardian Fleet Services Inc. and based in West Palm Beach, bought the towing and recovery assets of RSC Corp. operating under the names Ace Wrecker Service, Russell's Towing & Recovery...

DATE RELEASED: 09/19/17

Earlier this year I wrote about an organization called Certified Employee-Owned (Or Certified EO) whose goal was to help raise the profile of employee-owned companies with both consumers and prospective employees.

On September 5, 2017, Certified EO officially launched with the help of a couple dozen pioneering member companies that included Modern Times Beer in San Diego; media agency Butler/Till in Rochester, NY; and PFSBrands – who I have written about before on this blog. By joining...

DATE RELEASED: 09/18/17

A federal district court judge has granted summary judgement to participant-plaintiffs in a case where plan fiduciaries failed to comply with their diversification elections in an Employee Stock Ownership Plan (ESOP) prior to the company stock collapsing.

In the case (Bryant v. Community Bankshares, Inc., M.D. Ala., No. 2:14-CV-01074-WKW WO, 9/12/17) before the U.S. District Court for the Middle District of Alabama, Judge Keith Watkins ruled that the plan administrator's decisions...

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