A bill to amend the Internal Revenue Code of 1986 to require in certain cases a majority of employees to approve the establishment of an employee stock ownership plan.

Summary

Amends the Internal Revenue Code to require a majority of employees to approve (by secret ballot) their employer's establishment of an employee stock ownership plan (ESOP). Requires the employer to notify employers, before the election, of all the material facts concerning the plan, including its terms and asset transfer provisions. Applies these requirements only when: (1) at least 30 percent of a corporation's employees are not represented by a collective bargaining unit; and (2) the plan entails transfers of assets from a defined benefit plan and is proposed by employees represented by a collective bargaining unit in a corporation having more than one such unit.

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Documents

1 official file

• Introduced in House

  summary · EN · 16 March 1988

  Open at official source

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