Release Date: 
01/07/18

U.S. Sen. Kirsten Gillibrand will visit Niagara Gear a division of Gear Motions, which has an employee stock ownership plan, on Monday to get feedback from workers as she pushes national legislation to support such plans around the country.

Gillibrand's office, citing data from the National Center on Employee Ownership, said workers in ESOPs are paid 5 to 12 percent more, are less likely to be laid off, and have 2.5 times more retirement savings than workers not in such plans. The plans also reduce the risk of businesses suddenly leaving a community, Gillibrand said.

Niagara Gear, on Military Road, manufactures gear parts for various industries, including the automotive, aerospace, medical and energy industries.