DOL Launches Worker Ownership Initiative Mandated in SECURE 2.0

The US Labor Department is launching a new Division of Employee Ownership, making good on a 2022 congressional directive to promote worker-owned companies and facilitate easier private-company ownership transfers.

DOL’s Employee Benefits Security Administration announced the move Monday, part of an effort officials said was aimed at empowering and educating workers about the benefits of gaining a stake in their employers’ success.

The SECURE 2.0 Act (Pub. L. No. 117-328) Congress passed late last year instructed the agency to boost employee ownership participation models, most of which are organized as employee stock ownership plans, by providing outreach and ...