[20030520]RS21526_员工持股计划（ESOP）：立法历史.pdf

1Thisreportwasproducedunderthegeneral supervisionofMarieMorris,LegislativeAttorney.2P.L. 93-406.3CRS Report RL30038, ESOPS: A Description and Economic Analysis, by (name- redac t e d ).Congressional Research Service The Library of CongressCRS Report for CongressReceived through the CRS WebOrder Code RS21526May 20, 2003Employee Stock Ownership Plans (ESOPs):Legislative Historynam e redactedPresidential Management Intern1American Law DivisionSummaryEmployeeStockOwnershipPlans(ESOPs)aredefinedcontributionplansprimarilyinvested in the employers securities. Employee stock plans in the form of an ESOPpre-date the 1974 Employee Retirement Income Security Act (ERISA).2ERISA,however,wasthefirstlawtorecognizeESOPs. CongresshasroutinelyrevisitedESOPsandamendedtheIRCtoreflectpolicy. The1975TaxReductionActcreatedataxcreditforESOPs. TheRevenueActof1978addednewformalitiestoESOPsthroughcreationofIRC409A. Inthemid-1980s,the1984TaxReformActcreatednewandsubstantialtax incentives for employers maintaining ESOPs for employees. Two years later, the1986 Tax Reform Act emphasized the retirement objective of ESOPs by imposing a10% penalty tax on withdrawals made prior to age 59.5.The Omnibus BudgetReconcil