U.S. Department of Labor facade in Washington, D.C. (Photo: Diego M. Radzinschi/ALM Media)

The national trade association representing companies with Employee Stock Ownership Plans (ESOPs) and ESOP professionals recently petitioned the U.S. Department of Labor to undertake a long-delayed rulemaking essential to the formation and ongoing operation of ESOPs.

According to The ESOP Association (TEA), the Department of Labor has “steadfastly refused” to fulfill requirements of the Employee Retirement Income Security Act (ERISA) since 1974 — a violation of Congressional direction and stakeholders’ rights under the Administrative Procedure Act (APA).

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