Legislation that would provide legal and regulatory clarity in the formation of new Employee Stock Ownership Plans (ESOPs) and was initially introduced by U.S. Rep. Rick Allen, R-GA, is headed to the President's desk. The Senate version of “The Retire through Ownership Act.” was recently passed by the House by a vote of 401-14, and will become law with the President’s signature.
"One of the many lessons I learned over my decades-long career as a small business owner is that true success is measured by the success of your employees. ESOPs are a valuable tool to build wealth for retirement and give employees an ownership stake in their employer,” said Allen. “The Retire through Ownership Act will help eliminate the regulatory ambiguity and unnecessary risks these plans often face while providing a clear framework for valuing employer stock. I am proud that this bipartisan, bicameral bill is one step closer to the finish line as we continue to advance policies that ensure more Americans can enjoy a secure retirement.”
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