"At a time when almost half of American workers lack retirement accounts, the S ESOP structure lets employees share in the capital as owners of their companies and provides workers meaningful retirement accounts." said Rep. Reichert.
"This bill empowers companies to become employee-owned, create new employee-owners, and provides retirement security to more American workers," said Rep. Kind. "Growing our economy and adding jobs is a priority and employee-ownership is a proven model to do just that."
"Making it easier to turn employees into owners benefits the US economy, improves productivity, and increases wages and retirement security," said Rep. Blumenauer. "I look forward to working with my colleagues to strengthen opportunities for employee-ownership."
"There has been a lot of discussion of late to the effect that owners of capital may be benefitting at the expense of workers," said
Studies have shown that S ESOP employees have retirement account balances three to five times higher than the average 401 (k) or other defined contribution plans and they are economic drivers. In a recent report, economist
The Promotion and Expansion of Private Employee Ownership Act of 2014 (H.R. 4837) eliminates barriers that a business and its owners currently face in establishing a new S corporation ESOP or expanding the employee-ownership stake in an S corporation.
Keywords for this news article include: Economics, U.S. Economy, Economy of The U.s., Employee-Owned S Corporations of America.
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