Employee Ownership Rule to Come By Year’s End, DOL Official Says

The Employee Benefits Security Administration will propose rulemaking to standardize worker-owned stock evaluation procedures by the end of the year, according to the agency’s head.

EBSA’s Assistant Secretary Lisa M. Gomez said Friday the US Labor Department’s sub-agency is working on a proposal following passage of the WORK Act, part of the SECURE 2.0 (Pub. L. No. 117-328) package cleared by Congress in late 2022. The legislation required EBSA to establish an employee ownership office and issue guidelines for privately-held stock appraisals.

Employee stock ownership plans, or ESOPs, have been desperate for clear guidance on how to appropriately ...