ESCA Statement on the Promotion and Expansion of Private Employee Ownership Act, S. 177

For Immediate Release:

January 17, 2019

Home News ESCA Statement on the Promotion and Expansion of Private Employee Ownership Act, S. 177

Washington, D.C. – Today, Employee-Owned S Corporations of America (ESCA) Chairman Denny Scott released the following statement commending Senators Pat Roberts (R-KS) and Ben Cardin (D-MD) for reintroducing the Promotion and Expansion of Private Employee Ownership Act:

“With 24 original cosponsors, this bipartisan legislation demonstrates deep support in the Senate for ESOP ownership, and we applaud Senators Roberts and Cardin for leading the charge. The bill will enable more hardworking American employees to experience the retirement savings benefits and job stability that come from owning their companies through ESOPs.

“The S corporation ESOP model is a proven path for workers to share in their companies’ successes. A recent study by the National Center for Employee Ownership found that ESOP participants have more than twice the average total retirement balance of Americans nationally. Today, almost one million employee-owners at S corporation ESOP companies across every major industry reap the benefits of employee ownership through an ESOP.”

The Promotion and Expansion of Private Employee Ownership Act will encourage S corporation transitions to an employee ownership model. This is particularly important as many baby boomers are looking to reitre and sell their businesses. ESOP ownership can reward their employees by making them owners and help ensure the business will continue to grow and prosper.

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