Gillibrand in Buffalo to discuss employee stock ownership plan

Posted at 10:21 AM, Jan 08, 2018
and last updated 2018-01-08 10:21:02-05

This morning, U.S. Senator Kirsten Gillibrand visited Niagara Gear located on Military Road in Buffalo to hear from everyday people. 

The Senator heard from workers enrolled in Niagara Gear's Employee Stock Ownership Plan (ESOP), which helps employees benefit from the wealth they create for their employer.

According to the National Center on Employee Ownership, ESOP workers make five to 12 percent more, are four times less likely to be laid off, and have 2.5 times more in retirement savings than non-ESOP workers. 

Gillibrand took feedback from workers to inform her legislation supporting employee ownership across the nation. She says ESOPs reduce the risk of businesses leaving their communities and have "proven track records in creating high-quality, locally-rooted jobs, and in investing in the success of their workers."