PFA implements Employee Stock Ownership Plan
March 4, 2015
The partners of PFA Tax & Accounting Professionals are pleased to announce the creation of an Employee Stock Ownership Plan (ESOP) effective 12/31/14. An employee stock ownership plan (ESOP) is a retirement plan in which the company contributes its stock to the plan for the benefit of the company’s employees.
PFA President Tom Flynn states “we are very excited to offer our employees this new retirement option. We are hoping that the feeling of ownership employees develop will reflect in continued high performance. This being said, the better the company does, the quicker the ESOP grows. It is a win win situation for our PFA Tax and Accounting Professionals team!”
A 2000 Rutgers study found that ESOP companies grow 2.3% to 2.4% faster after setting up their ESOP than would have been expected without it. The National Center for Employee Ownership (NCEO) is a nonprofit membership organization providing unbiased information and research on broad-based employee plans. A 1986 NCEO study found that employee ownership firms that practice participative management grow 8% to 11% per year faster with their ownership plans than they would without them.
To learn more about services offered at PFA Tax and Accounting Professionals contact an owner at 217-793-3810 or 877-895-0058 or go to the company website at www.pfanow.com.