The Retirement Improvement and Savings Enhancement to Supplement Healthy Investments for the Nest Egg (RISE & SHINE) Act of 2022 Includes Significant ESOP Provisions
The RISE & SHINE Act of 2022 is a bipartisan retirement security bill sponsored by Health, Education, Labor, and Pensions (HELP) Committee Chair Patty Murray (D-WA) and Ranking Member Richard Burr (R-NC). As drafted, this important bill includes vital employee ownership provisions TEA helped develop and strongly supports.
The TEA-supported language in the bill, known as the Worker Ownership Readiness and Knowledge (WORK) Act, would create an Employee Ownership and Participation Initiative within the U.S. Department of Labor (DOL) aimed at all 50 States to promote employee ownership and provide grant funding for ESOP education and feasibility studies. The new office would distribute federal grant funds for employee ownership outreach and business succession, technical assistance to those seeking to start new employee-owned businesses, and training to support employee participation. In addition, the language would require the DOL to issue formal guidance on standards and procedures by which stock to be purchased by an ESOP should be valued – something our community has sought for decades.
Signal your support with Committee members to pass this bill and move it to the next step in the legislative process.
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