Expanding ESOPs coalition grows past 100 members and hires Michael Sinacore

The Expanding ESOPs coalition said this week that it has grown past 100 members and hired Washington retirement policy specialist Michael Sinacore to lead its legislative push. 401(k) Specialist reported the milestone and the hire. The coalition credits Sinacore with building behind-the-scenes support for the SECURE 2.0 Act and says he will lead efforts to pass legislation offering workers more of a stake in the companies they help build.

ESOPs were formally incorporated into federal law through the 1974 ERISA Act and carry tax incentives for employers that extend ownership to workers. Founded in 2024, the coalition counts employee-owned companies, foundations, financial institutions, advisory and law firms, and advocacy groups among its members. According to the organization, fewer than 6,500 companies maintain ESOPs today, largely at businesses with fewer than 100 employees.

The group's stated near-term aim is to simplify how partial ESOPs are established and scaled, said founder and chairman Pete Stavros. "By making partial ESOPs easier to establish and scale, we can extend employee ownership to far more workers and create a path to trillions of dollars of wealth for frontline employees," Stavros said.