Schafer Systems = Employee Stock Ownership Plan (ESOP)
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Schafer Systems has been employee owned since February 1999 at which time the company implemented an Employee Stock Ownership Plan (ESOP).
An Employee Stock Ownership Plan (ESOP) is an employee benefit plan which makes the employees of a company owners of stock in that company. Several features make ESOP's unique as compared to other employee benefit plans. First, only an ESOP is required by law to invest primarily in the securities of the sponsoring employer. Second, an ESOP is unique among qualified employee benefit plans in its ability to borrow money. As a result, "leveraged ESOP's" may be used as a technique of corporate finance.