DATE RELEASED: 12/26/18

Two likely Democratic presidential contenders in 2020 have made quiet strides in recent years to bring into vogue a little-known policy that could reduce economic inequality — one that harnesses current law to expand workers' ability to become owners in their place of employment.

Sens. Bernie Sanders, I-Vt., and Kirsten Gillibrand, D-N.Y., have worked to advance legislation on employee stock ownership plans, or ESOPs,...

DATE RELEASED: 12/09/18

Steve Smith has a special place in his heart for the art of vacuuming. When he was cutting his teeth in the grocery store business in Virginia and Kentucky, Smith took solace in the fact that "going to the grocery store" was the only family task that ranked above vacuuming.

"I was glad we beat someone," said Smith, "and I knew we could do better. People just don't get up in the morning excited because they are going to the grocery store."

Food...

DATE RELEASED: 12/09/18

WORCESTER — When Wirefab Inc. President James Samsel highlights his firm's minimal employee turnover rate, he frames it as a good-news bad-news scenario.

Many of Wirefab's 50 employees have notched decades with the company, which makes grills, baskets, racks and other products from metal wire. They love working there, earn a solid living and see the firm as a family. Those employees, though, will continue aging and eventually retire. And that fact...

DATE RELEASED: 12/07/18

Much has been written about the growing trend of income inequality in the US; we hear less often about the wealth divide, which is even more stark. While the top 10 percent of US households today own 51 percent of the country's wealth, the bottom 50 percent own one percent. With no savings to fall back on, families cannot manage emergency expenses—their cars break down and they can't get to work; they fall behind on the rent and face eviction; a medical expense sends them into bankruptcy....

DATE RELEASED: 12/03/18

With the U.S. economy in a prolonged upswing, it is time for economic policy to focus on challenges that not long ago might have seemed less immediate. One notable and vital challenge for policymakers is to ensure that American families have adequate savings for retirement.

While nearly 80 percent of those Americans who have already retired say that they have the income for a comfortable retirement, roughly half of current workers fear they will not meet this mark. To make matters...

DATE RELEASED: 11/29/18

APPLETON, Wis. — Appvion employees who lost millions of dollars in retirement savings when the company went bankrupt last year and was sold may have an opportunity at getting their money back.

Appvion has a mill in Roaring Spring.

A lawsuit filed late Monday by Employee Stock Owner­ship Plan committee administrator Grant Lyon claims "fraud and concealment" in the handling of the ESOP from the time it was formed in 2001...

DATE RELEASED: 11/20/18

Destinations by Design (DBD), a provider of high-quality destination management and event services to the incentive and corporate markets in Las Vegas for 28 years, has announced that effective November 5, 2018, the company's stock has been sold to its employees through an Employee Stock Ownership Plan (ESOP).

Representing a tangible way to reward those who have played a critical role in the success of the company, this transaction is expected to...

DATE RELEASED: 11/15/18

Pilot Hill Advisors is pleased to announce New York's newest ESOP!

The owners of an East Coast Registered Investment Advisor sold 100% of the firm to its newly-formed ESOP. The sellers will turn over day to day management to a talented management team while remaining active at the board level. The management, fund managers, sales managers and employees of the firm will now enjoy the fruits of their hard work in a new role as owners. The competitive advantage for a firm with no state...

DATE RELEASED: 10/17/18

INDIANAPOLIS, Oct. 16, 2018 /PRNewswire/ -- BSA, a national integrated design firm, has been named a Certified ESOP by Certified EO, a certification program for employee-owned companies.

Founded in 1975, BSA has always been owned by employee shareholders, but it opened ownership to all employees earlier this year when it launched its first-ever Employee Stock Ownership Plan (ESOP).

"Becoming an ESOP was a logical step for BSA since...

DATE RELEASED: 10/16/18

Todd Moreland says he wanted to be an electrician since he was 16 years old at Ooltewah High School, following in the footsteps of both his father and grandfather.

Starting 40 years ago as a teenager at Adman Electric, Moreland started making coffee, getting doughnuts, working in a warehouse and driving a truck before getting his electricians license through the IBEW union and later becoming an estimator and project manager.Moreland also knew early he wanted to run the company and...

DATE RELEASED: 10/09/18

Burlington, Vermont, Oct. 09, 2018 (GLOBE NEWSWIRE) -- Gardener's Supply, one of the nation's largest multi-channel marketers of gardening products and accessories, has announced a new organizational structure and management team. Gardener's Supply was founded by Will Raap in 1983 in Burlington, VT, and is 100% employee-owned. The management change will support the company's growth and plans to expand retail capacity to reach existing and new...

DATE RELEASED: 10/09/18

CINCINNATI--(BUSINESS WIRE)--Oct 9, 2018--The Board of Directors of The Procter & Gamble Company (NYSE:PG) declared a quarterly dividend of $0.7172 per share on the Common Stock and on the Series A and Series B ESOP Convertible Class A Preferred Stock of the Company, payable on or after November 15, 2018 to Common Stock shareholders of record at the close of business on October 19, 2018, and to Series A and Series B ESOP Convertible Class A Preferred Stock shareholders of record at the...

DATE RELEASED: 10/08/18

A letter to the president from members of Congress asks for protection against the DOL's practice of "regulation through litigation."

Just as the ERISA Industry Committee (ERIC) did regarding the issue of missing participants in retirement plans, a group of legislators is calling out the Department of Labor (DOL) for engaging in enforcement activities against employee stock ownership plans (ESOPs) without providing meaningful guidance.

Twenty-seven members of Congress sent a...

DATE RELEASED: 10/03/18

Astro Machine Works has been a staple in the Lancaster County economy since 1984 and continues to be an industry leader in custom machining and fabrication. Located in Ephrata the company has expanded to over 100 employees during their 34 years in business and almost quadrupled their sales from 2006 to 2017 to just under $26 million.

Their journey from privately held to employee owned company started as President Eric Blow shares with a "...

DATE RELEASED: 10/01/18

Letter Cites Aggressive Practices, Asks for Clear Guidance

President Donald Trump this week received a letter from 27 influential members of the House of Representatives, urging him to rein in overzealous and unfair enforcement of regulations that apply to ESOP companies.

The letter offers powerful support for ESOP companies, at a time when that...

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