ESOP Association Announces 32 Companies Receive Silver ESOP Award for Plan Longevity
WASHINGTON, Oct. 25, 2017 /PRNewswire-USNewswire/ -- As part of its celebration of Employee Ownership Month, The ESOP Association is proud to announce that this year 32 companies have earned the prestigious Silver ESOP Award.
The Silver ESOP Award has been in existence since 2008 and honors companies that have maintained their ESOP (Employee Stock Ownership Plan) for 25 years or more. Including this year's 32 honorees, 418 companies have earned the Silver ESOP Award.
Combined, these Silver ESOP companies represent 10,450 years of ESOP company management.
"The large number of companies that earned the Silver ESOP Award this year confirms what independent, rigorous researchers have found—that ESOPs are more likely to remain in business than conventionally-owned businesses, and more likely to keep their employees working," said ESOP Association President J. Michael Keeling. "Overall, ESOPs are a boon to American employees, providing both a stable source of employment and a valuable source of retirement savings."
Employees who participate in an ESOP enjoy a unique relationship with their employers, Keeling noted. "When business owners sell their stock to an ESOP, the plan—and its trustees—are required to act in the best interest of the employees. What other arrangement exists that is tasked with pursuing the best interests of employees?"
The recipients of the 2017 Silver ESOP Award are:
| Anchor Paper Company |
Gray Hodges Corporation |
Royal State Group |
| Ben Tire Distributors, Ltd. |
Hansen Plastic Corporation |
Russ Davis Wholesale, Inc. |
| Boyer Ford Trucks |
Industrial Spring Corporation |
Southern Refrigeration Corporation |
| Bremer Trust |
Jacobsen Construction Company, Inc. |
Stern Brothers Valuation Advisors |
| Building Materials Distributors |
Jedmed Instrument Company |
Strand Products, Inc. |
| Chatsworth Products, Inc. |
Kelley Manufacturing Company |
Systems Technology, Inc. |
| Coast Heat Treating Company |
Meadowvale, Inc. |
Terracon |
| DHC Supplies, Inc. |
MSA Professional Services, Inc. |
Travel and Transport, Inc. |
| Durham & Bates Agencies Inc. |
RESPEC |
Waterfront Services Company |
| Eastern Shore Associates, Inc. |
Robert Peccia & Associates |
Western Contract |
| GEOLABS, Inc. |
Roush Equipment, Inc. |
About Employee Ownership Month
Employee Ownership Month is an annual celebration of the ESOP model. If features numerous educational and community outreach activities conducted by The ESOP Association's roughly 1,600 corporate members. Employee Ownership Month activities can be tracked on Twitter via the hash tag #EOMESOP.
About the ESOP Association
The ESOP Association is America's largest employer-sponsored advocacy and education association focused on employee stock ownership plans. Founded in 1978, the Association seeks to enhance federal laws governing ESOPs, provide members with expert information, and fund research via the Employee Ownership Foundation (an affiliate).
The ESOP Association is a national non-profit organization with 18 local Chapters. Its members include ESOP companies, companies considering an ESOP, and service providers that assist in setting up and maintaining ESOPs.
SOURCE The ESOP Association
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