Banking

True to its name, an employee stock ownership plan (ESOP) is a type of employee benefit plan, similar in some ways to a profit-sharing setup. The National Center for Employee Ownership (NCEO) estimates that approximately 14 million workers currently participate in an ESOP, making it the most common form of employee ownership in the U.S.

Regardless of the economic climate, most people consider ways to improve their retirement savings, whether through individual investments or a retirement plan provided by their employer. In a climate challenged by talent shortages and economic uncertainties such as we’ve seen over the past few years, many employers also look for ways to attract, retain, and motivate quality people.