On Monday, Pacific Steel and Recycling hosted Senator Jon Tester (D-MT) at their new shredding facility in Billings, MT. The facility houses an impressive recycling shredder that can process 80 tons of metal material per hour.
During his time at the site, Sen. Tester took a turn on the loading crane, saw the shredder in action and met with a number of employee-owners who shared the personal benefits of being a part of an S ESOP company. They specifically mentioned the strong sense of community within the company and the peace of mind they have as employee-owners that their ESOP would continue to contribute to retirement funds. This confidence is a benefit that not all in the private sector are currently experiencing. To put in real world numbers, a study by Georgetown University, Resilience and Retirement Security, found that despite economic fluctuation, S ESOP companies increased contributions to retirement benefits for employees by 18.6%, while other U.S. companies increased their contributions to employee retirement accounts by only 2.8%.
