In addition, 55% of responding companies contributed to their ESOPs an amount equivalent to 11% or more of participants’ pay—far surpassing the typical 401(k) match.
In a letter, members of Congress accuse the DOL of “regulation through litigation” and ask that clear guidance regarding valuation and other important issues be developed.
A case set to go to the U.S. Supreme Court for a decision about who bears the burden of proof when fiduciary harm is alleged in ERISA cases has been settled. Two legal experts weigh in.
Among other things, the Main Street Employee Ownership Act focuses on increasing the role of the Small Business Administration (SBA) in facilitating ESOPs by allowing the SBA to make loans to companies that they can then reloan to ESOPs.
The bill would amend Section 7(a) of the Small Business Act, expanding loans to small business employers for the purpose of transferring ownership of the company to employees.