Legislation initially introduced by U.S. Rep. Rick Allen, R-GA, that will provide legal and regulatory clarity in the formation of new Employee Stock Ownership Plans (ESOPs) has become law with President Donald Trump’s signature. According to Allen, the Retire through Ownership Act is about protecting retirement security and preserving jobs in local communities.
"I recently visited Farmers Home Furniture headquarters in Dublin, Georgia. This innovative company transitioned to 100 percent employee ownership through an ESOP model in 2013,” said Allen. “During my visit, we heard firsthand feedback that the ESOP has undeniably resulted in employee success and retention, in turn allowing the entire company to thrive. That is what the American Dream is all about and exactly why the Retire through Ownership Act is so important.
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