Employee ownership can offer workers secure retirement
Four years ago, in doing some research for a job I applied for, I came across an article about the company that recounted the story of a truck driver who had retired as a millionaire.
I wanted to know how that was possible. When I interviewed, I started to put the pieces together. The company, Tontitown-based Central States, is owned by its employees through an ESOP, or employee stock ownership plan. It's a retirement plan that allows companies to share ownership with workers.
As the business grows, employee owners' ESOP accounts do, too, without contributing a cent. When the truck driver was ready to retire, his ESOP account, which had been growing throughout his tenure, provided for a secure retirement.
This Labor Day I am sharing my story so that others can learn from my experience and the truck driver who, unwittingly, nudged me to take the job.
An ESOP company is........
