NewAge® Industries AdvantaPure Invites Congressman Patrick Murphy of Pennsylvania’s 8th District for an Inside Look at an ESOP Corporation
Visit Included Presentation on ESOP Benefits & Plant Tour
Southampton, PA — NewAge Industries was pleased to host Congressman Patrick Murphy (on left) on Thursday morning, July 3, for an overview of the advantages of Employee Stock Ownership Plans (ESOP). The reason for the invitation to Congressman Murphy related to a bill in the House of Representatives aimed at tax reform that would adversely affect ESOP corporations.
An ESOP-a retirement plan where the plan makes investments in the employer company vs. making investments in the stock/bond market-offers retirement value in the form of share dividends and the appreciation of share price.
Ken Baker (on right), CEO of NewAge Industries, wanted to present the many benefits of ESOPs to Congressman Murphy. Because of employees’ financial interests in their companies, ESOPs are generally more efficient at production, process improvements are continually sought and acted upon, and cost savings are sought on an everyday basis. ESOP corporations tend to be prosperous and forward thinking, and they help limit job outsourcing and competitive buy-outs. Nationally they comprise 10% of the private-sector workforce (8.5 million people) and on average provide three times the retirement benefits of non-ESOP companies. ESOPs give employee-owners the opportunity to invest in their future.
Congressman Murphy and the district’s director, Phillip Lorenzon, were given an overview of NewAge’s culture, structure, products, and new technology during a meeting that included attendance by several employee-owners. The congressman then asked each employee-owner to introduce him or herself and explain what the ESOP means to them. A plant tour followed, and Baker further explained to Congressman Murphy how the proposed law could severely limit ESOP funding options and halt their growth.
For additional information, contact our helpful Sales Team at AdvantaPure, 145 James Way, Southampton, PA 18966; phone 888-755-4370 or 215-526-2151; fax 888-258-4293 or 215-526-2167; e-mail: info@advantapure.com.
