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2017 ESOP Month #2

The modern ESOP was devised and perfected in 1956 by Dr. Louis O. Kelso, a San Francisco attorney and economist, who was seeking devices to broaden the personal ownership of capital, which he believed would help alleviate economic and social problems.

Employee Stock Ownership Plans (ESOPs) were authorized by Congress in the early 1970s. When the then-President of Scott and Father of the Scott ESOP , Bob Nein heard about the new legislation and its benefits, he instinctively knew that it was the exact mechanism needed to provide an orderly transfer of ownership for Scott Insurance.