The ESOP Association Signs Savings and Investment Working Group Letters Regarding Tax Reform

As a member of the Coalition to Protect Retirement (CPR), The ESOP Association recently signed on to a group letter that was sent to the Senate Finance Committee’s Savings and Investment Working Group. The letter commended the Finance Committee for their work to reform the tax code and noted that “Congress should encourage retirement savings for American workers though the preservation of current tax incentives.”

The mission of the CPR is to encourage and support retirement savings for American workers through the preservation of tax incentives critical to American workers’ retirement security. The Association is one of ten members of the Coalition.

In addition to the letter from the CPR, the Association, as a member of the Retirement Savings Network, signed on to another letter that will be sent to the Working Group on Savings and Investment as well. The letter notes that “Eliminating or diminishing the current tax treatment of employer-provided retirement plans and individual savings arrangements would jeopardize the retirement security of tens of millions of American workers, impact the role of retirement assets in the capital markets, and create challenges in maintaining the quality of life for future generations of retirees.”

As noted earlier on this blog, The ESOP Association also submitted comments to Senate Working Groups regarding comprehensive tax reform.

On March 25, 2015, The ESOP Association submitted comments on comprehensive tax reform to three of the Senate Committee on Finance’s Tax Reform Working Groups: Savings & Investment, Individual Income Tax, and Business Income Tax. The Association specifically stated how employee stock ownership plans (ESOPs) are in accord with the seven principles outlined by Finance Committee Chair Orrin Hatch (R-UT) for comprehensive tax reform — Economic Growth, Fairness, Simplicity, Permanence, Competitiveness, Promoting Savings and Investments, and Revenue Neutrality.

As noted by ESOP Association President, J. Michael Keeling: “Current ESOP tax policy should be viewed with objectivity and considered fairly during the process. As ESOPs meet, and exceed, the seven principles outlined by Senator Hatch for comprehensive tax reform, we feel it is reasonable to ask that ESOP laws to promote the creation and operation of employee-owned companies be preserved, and expanded.” He went on to say, “Research proves that employee-owned companies provide more sustainable employment and preserve locally-controlled jobs in today’s global economy. We need to encourage broad-based, inclusive capitalism and increase employee ownership to ensure sustainable employment for U.S. workers, and more income for average pay employee owners.”

Read the full statements on The ESOP Association’s website.

RELEASE: The ESOP Association Submits Comments to Senate Working Groups Regarding Comprehensive Tax Reform

The ESOP Association sent the following release this morning. We wanted to share with readers here.

For Immediate Release: April 1, 2015

The ESOP Association Submits Comments to Senate Working Groups Regarding Comprehensive Tax Reform

April 1, 2015 (Washington, DC) – On March 25, 2015, The ESOP Association submitted comments on comprehensive tax reform to three of the Senate Committee on Finance’s Tax Reform Working Groups: Savings & Investment, Individual Income Tax, and Business Income Tax. The Association specifically stated how employee stock ownership plans (ESOPs) are in accord with the seven principles outlined by Finance Committee Chair Orrin Hatch (R-UT) for comprehensive tax reform — Economic Growth, Fairness, Simplicity, Permanence, Competitiveness, Promoting Savings and Investments, and Revenue Neutrality.

As noted by ESOP Association President, J. Michael Keeling: “Current ESOP tax policy should be viewed with objectivity and considered fairly during the process. As ESOPs meet, and exceed, the seven principles outlined by Senator Hatch for comprehensive tax reform, we feel it is reasonable to ask that ESOP laws to promote the creation and operation of employee-owned companies be preserved, and expanded.” He went on to say, “Research proves that employee-owned companies provide more sustainable employment and preserve locally-controlled jobs in today’s global economy. We need to encourage broad-based, inclusive capitalism and increase employee ownership to ensure sustainable employment for U.S. workers, and more income for average pay employee owners.”

Read the full statements on The ESOP Association’s website: http://www.esopassociation.org/advocate/esop-bulletin.

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The ESOP Association is the national trade association for companies with employee stock ownership plans (ESOPs) and the leading voice in America for employee ownership. The core cause of The ESOP Association is the belief that employee ownership will improve American competitiveness, increase productivity through greater employee participation, and strengthen our free enterprise economy. More information: website – www.esopassociation.org and blog – www.esopassociationblog.org.

More Information:

Amy Gwiazdowski

202/293-2971

amyATesopassociation.org

@ESOPAssociation

RELEASE: The ESOP Association Submits Comments to the Senate Committee on Finance’s Tax Reform Working Group Regarding Comprehensive Tax Reform

The ESOP Association sent out the following release this morning.

For Immediate Release: February 19, 2015

The ESOP Association Submits Comments to the Senate Committee on Finance’s Tax Reform Working Group Regarding Comprehensive Tax Reform

February 19, 2015 (Washington, DC) – On February 18, 2015, The ESOP Association submitted comments to the Senate Committee on Finance regarding tax reform, specifically stating how employee stock ownership plans (ESOPs) are spot on with the first six principles outlined by Finance Committee Chair Orrin Hatch (R-UT) for comprehensive tax reform, and arguably exceeding the seventh principle. The statement was directed to Senator Mike Crapo (R-ID) and Senator Sherrod Brown (D-OH), Chair and Ranking member of the Tax Reform Working Group on Savings & Investment.

As noted by ESOP Association President, J. Michael Keeling: “I ask only two things of the Committee members — for current ESOP tax policy to be viewed with objectivity and to be considered fairly during the process. As ESOPs meet, and exceed, the seven principles outlined by Senator Hatch for comprehensive tax reform (Economic Growth, Fairness, Simplicity, Permanence, Competitiveness, Promoting Savings and Investments, and Revenue Neutrality) we feel it is reasonable to ask that ESOP laws to promote the creation and operation of employee-owned companies be preserved.”

Read the full statement on The ESOP Association’s website: http://www.esopassociation.org/advocate/esop-bulletin.

###

The ESOP Association is the national trade association for companies with employee stock ownership plans (ESOPs) and the leading voice in America for employee ownership. The core cause of The ESOP Association is the belief that employee ownership will improve American competitiveness, increase productivity through greater employee participation, and strengthen our free enterprise economy. More information: website – www.esopassociation.org and blog – www.esopassociationblog.org.

 

More Information:

Amy Gwiazdowski

202/293-2971

amy AT esopassociation.org

@ESOPAssociation

A look ahead this month

It’s hard to believe it is September already. We thought we’d get out the crystal ball and see what the future holds for ESOP Association members this month.

The 2013 Las Vegas Conference & Trade Show app will be released in the coming weeks. Keep an eye on this space for links. Also, speaking of Vegas, the early bird registration ends on September 20th. If you’re joining us, or planning to, here’s where you’ll find information including: online registration (conference and hotel), trade show booth signup form, and a preliminary agenda which includes info on the new educational track for in-house ESOP trustees.

October is Employee Ownership Month! We’ll be starting off the celebration early on the blog with some re-caps of 2012 celebrations. If your company is planning an event this year, let us know and we’ll highlight your event here. Drop us an email at media AT esopassociation.org with details. Don’t forget the photos!

The Economic Performance Survey results are being tabulated. We’ll have the results from the 22nd Annual Survey soon and report back on the economic performance of employee owned companies in 2012.

Tax reform — we’re doing our best to keep members up-to-date on a monthly basis. We’ll have another report very soon. Stay tuned. If you’d like to catch-up, our YouTube page has the most recent updates.

Have questions? Something you’re curious about? Let us know.

August 2013 Round Up of Links

It’s the last day of the month before a holiday which means it’s time for a link up of this month’s stories. See below for your refresher.

Joining us in Vegas? Here’s what you need to know about the Conference.

The 2013 Press & Event Planning Kit for Employee Ownership Month has been released. Download your copy today.

The August 2013 ESOP Report is available on the Association’s website.

The Outside Board Registry is a great resource for members.

We tell you how to keep up with tax reform updates.

Publications highlight: ESOP Fiduciary Handbook.

A new special education track for in-house ESOP trustees will be offered to attendees of the Las Vegas Conference & Trade Show.

Watch the tax reform update for August.

Senators send letter to new DOL Secretary regarding proposed rule on the definition of a fiduciary.

Coalition to Protect Retirement Sends Letter to Senate Regarding Tax Reform; Retirement Savings Network Also Sends Letter

The ESOP Association, as a member of the Coalition to Protect Retirement and the Retirement Savings Network, recently signed onto two respective letters, along with other employer sponsored benefit organizations, that ask members of the Senate to preserve the tax incentives which encourage American workers to save for retirement while considering tax reform. The letters were sent to all members of the U.S. Senate.

“It’s important for the ESOP community to continue to work to maintain positive relationships and cooperate with other trade groups interested in preserving sound and productive retirement savings plans as encouraged by tax law,” said ESOP Association President, J. Michael Keeling.