News & Events

Former Assistant Treasury Secretary Speaks in Support of S ESOPs

Author: SG&F Law

In a statement to the Senate Finance Committee during the September 15, 2011 hearing on “Tax Reform Options: Promoting Retirement Security,” a former Assistant Treasury Secretary to the Senate described the benefits of S corporation ESOPs.

According to Phillip L. Swagel, who served as assistant secretary for economic policy at the Treasury Department during the George W. Bush administration, “S ESOPs make substantial contributions to workers’ retirement security. They do this by giving employees ownership of the company and building their retirement security with set-aside funds in ESOP accounts.”

To read the full article, visit the Employee-Owned S Corporations of America (ESCA) website.