Last week, Senator Mike Enzi (R-WY), a member of the Senate Finance Committee, visited ESCA Leadership and Development Council member Pacific Steel and Recycling’s facility in Mills, Wyoming. The company’s employee-owners welcomed the Senator, giving him a tour of the facility and a live demonstration of the automobile recycling and compacting process. Employee-owners from Oftedal and ESCA Board Company Garney Construction were also on hand to meet the Senator.
During Senator Enzi’s visit, employee-owners from all three employee-owned companies were able to share the benefits and strengths of being a part of an S corporation ESOP company. They noted the reassurance they feel knowing their S ESOPs provide retirement security at a time when the economy is still on the rebound. Retirement security is often noted as a consistent benefit of employee-owned companies. A study by Phillip Swagel and Robert Carroll of Georgetown University found that employee-owned companies provide significantly more retirement benefits for their employee-owners, even when similar companies did not.
One Pacific employee-owner shared his story reaffirming the common belief and the study’s findings. He shared that his father, a retired employee-owner, lived much more securely in retirement than his peers simply living on social security. He attributed this retirement security to his participation in an ESOP.
With the Senate Finance Committee currently working on tax ESCA thanks Pacific Steel and Recycling for hosting the Senator, and thanks the employee-owners from Garney and Oftedal for their attendance. reform, Senator Enzi’s visit was particularly beneficial in showing the true benefits of the S ESOP business model. These personal visits and meetings with employee-owners are a critical step in educating, engaging, and informing Members of Congress and their staff of the benefits of employee ownership.