Carson Capital Corp. Announces Transition to an Employee Stock Ownership Plan (ESOP)

Complete Coach Works (CCW) announced its plan to transition to a 100-percent employee-owned company. The announcement was made during a lunch celebration on Aug. 20, to the entire employee base at its headquarters in Riverside, California. The meeting was simultaneously broadcast to all remote employees via video conference.

President and owner of Complete Coach Works Dale E. Carson and his wife, Terri, started CCW over 34 years ago.

During the announcement, Dale expressed his heartfelt gratitude to the staff and said that turning CCW into an ESOP was his and Terri’s way of giving back to the people who helped the company be successful – their employees. He further explained that the ESOP retirement benefit would be in addition to the company’s existing 401(k) plan retirement vehicle.

An ESOP, facilitated through a trust, provides company stock to employees as part of their retirement benefits. When Congress established the ESOP employee benefit plan in the 1970s, the governing legislation was written that “the ESOP is required to be operated for the ‘exclusive benefit’ of participating employees (and their beneficiaries).” Once the transition to an employee-owned company is finalized, employees will benefit from contributions made to their account.