Corey Rosen
DOL Creates “Employee Ownership Initiative” to Promote EO
On July 10, the Department of Labor (DOL) announced it is creating the Employee Ownership Initiative within its Employee Benefits Security Administration (EBSA). The initiative results from the 2022 Worker Ownership, Readiness, and Knowledge Act (WORK Act), which was enacted as part of the SECURE 2.0 Act in the 2023 Consolidated Appropriations Act. The WORK Act requires the DOL to set up a grant program for state employee ownership centers. Funding for that provision will need an appropriation in the 2023 budget. The DOL’s Employment and Training Division will administer the grant program. The WORK Act also requires the DOL to set up an office to provide information to states and other interested parties about employee ownership. That will be under EBSA.