Buckeye Reporter

Jon Husted has announced his support for a bipartisan bill aimed at increasing Americans’ retirement savings and providing support to businesses. The legislation focuses on Employee Stock Ownership Plans (ESOPs), which allow workers to gain an ownership stake in their companies.

“An ESOP is good for employees and local communities because it gives workers an ownership stake that builds retirement and job security, while keeping businesses rooted locally and strengthening community prosperity,” said Husted. “It’s good for Ohio small business-owners, their employees and communities when a company is sold to employees rather than private equity firms that have no stake in the community.”

Nearly half of U.S. private sector workers do not have access to an employer-sponsored retirement account. ESOPs offer a qualified retirement plan to all participating employees, providing both retirement income and tax benefits.

The full text of the bill can be found here.