NewAge Industries (Southampton, PA)
NewAge Industries, a Southampton, Pennsylvania plastic tubing manufacturer, announced how they are observing Employee Ownership Month.
"To recognize Employee Stock Ownership Month, the company has treated employees to gift card raffles, lunch, and treats such as a soft pretzel day. Gifts for each employee-owner are planned, as well as other surprises. The events are being organized and carried out by an employee committee. Posters throughout the Southampton location remind NewAge's employee-owners of this special month with facts and figures regarding ESOPs and other local companies, such as Wawa convenience stores and Redner's Warehouse Markets, which are also employee-owned.
NewAge Industries established its ESOP – Employee Stock Ownership Plan – in January 2006 as a way to ensure the company's continuation. The existence of the ESOP adds a new facet to the company's culture, namely the pride of ownership, while it discourages a possible buyout from a competitor or other business. The ESOP is another feature of the company's retirement benefits that include a pension plan and optional 401(k) plan.
Since the inception of the ESOP, NewAge has continued to grow and prosper. Demand for its high purity products, marketed under the AdvantaPure® name, has experienced tremendous growth, and its standard products have also seen a substantial increase in sales. This success and the satisfaction of employee ownership has a real and beneficial effect on the morale, attitude, and future retirement of NewAge Industries' employee-owners."
Hopkins Printing (Columbus, OH)
A press release announced that Hopkins Printing, a Columbus, Ohio commercial printer, has formed an ESOP:
""As we considered the long-term future of the company and our employees, it seemed right to us that it be sold to our employees rather than to outside interests," said Jim Hopkins, president of Hopkins Printing. "Without the hard work and dedication of our employees, we would not have reached the success we have attained, nor would we have become one of the most award-winning printing companies in Central Ohio. "What better way for us to reward our employees?""
Hopkins Printing Backs Out of CGX Deal, Opts for ESOP reveals that the company had seriously explored selling the company to a third party before deciding to sell to an ESOP
Pension Plan Limits and Tax Provisions
Yesterday we posted the 2008 pension plan limits. Here are links to two historical charts for your reference:
The IRS also announced other tax provisions in 2008 Inflation Adjustments Widen Tax Brackets and the 2008 Social Security Wage Base is $102,000.