Employee Ownership Blog

Corey Rosen

Illinois Bill Would Create State Employee Ownership Investment Fund

The Employee Ownership Development Act (Illinois House Bill 4955), introduced by Democratic Representative Will Guzzardi, would direct the state treasurer to segregate up to 5% of the state’s investment portfolio into an “Employee Ownership Development Account.” The funds would be made available to companies that are majority employee-owned through ESOPs, employee ownership trusts, or worker cooperatives. Funds would be invested through “employee ownership development firms,” which are capital providers with a track record of providing capital to employee ownership companies. The funds must invest at least 1.5 times the amount of capital provided by the state. Funds can be used for ownership transitions or expanding existing employee ownership companies. 

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Corey Rosen

The ERISA Advisory Council Appears to Be Out of Commission

According to a report by Paul Mulholland of the Profit Sharing Council of America,the ERISA Advisory Council did not meet in 2025 and has no plans to meet in 2026. The 15-member council is mandated by Section 512 of the Employee Retirement Income Security Act of 1974 (ERISA). The council makes recommendations on ERISA issues to the Secretary of Labor. The council is appointed by the Secretary, with three members representing employee organizations, three from employers, three from the general public, and one each from various professional fields. The council is supposed to hold at least four meetings per year. Mark DeBofsky, a member of the council until the end of 2025, reports that there were no emails, notices, or other communications from the DOL to the council, and that inquiries went unanswered.

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Corey Rosen

Funding for State Centers in Recent DOL Appropriations Bill

The 2026 appropriations bill for the Department of Labor (DOL), passed on February 3 by Congress, lacks line-item funding for state employee ownership offices authorized by the WORK Act. The Senate Appropriations Committee had recommended a specific appropriation last July. However, a joint explanatory statement from the House and Senate appropriation committees states that $2 million should be provided for the Employee Ownership Initiative. In general, the joint explanatory statement notes that its recommendations on spending (which cover a variety of issues) “should be complied with unless specifically addressed to the contrary in this explanatory statement.” 

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Corey Rosen

Pro-Employee Ownership Legislation Passes the First Hurdle in the European Parliament

Thanks to Kosta Juri, director of operations at the Institute for Economic Democracy (IED), and Rachel Bachmann, head of strategic initiatives at IED, for helping draft this post.

Last week, the European Parliament (EP) plenary adopted (by 492 votes in favor, 144 against, and 28 abstentions) a resolution with recommendations to the European Commission to propose a harmonizing directive aimed at creating an EU-wide unified legal framework (the “28th Regime,” referring to an additional legal framework alongside those of the current 27 member states) for innovative companies.

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Matthew Licina

The Annual Conference Isn’t Just for ESOPs: Here’s Why You Should Attend

The NCEO Annual Conference brings together over 2,300 leaders in the employee ownership community. While ESOPs make up a significant portion of our attendee base, this year’s conference in Milwaukee (April 6-9) features 46 sessions relevant to non-ESOP employee-ownership structures—nearly a third of the entire program. 

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Corey Rosen

DOL Removes ESOPs from National Enforcement Project List

The Employee Benefits Security Administration (EBSA) at the US Department of Labor (DOL) announced today that it removed ESOPs from its national enforcement project list. ESOPs had been on that list since 2005 as one of five items on the list, which also included improper handling of various health plan issues, criminal abuse of defined contribution plans, plan investment conflicts, and benefit distribution violations.

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