New York State Assembly officials are gearing up to pass legislation that goes into effect July 21, 2024 with financial implications for architecture workers. The statute will allow employees at New York Design Professional Corporations (DPC) to “fully use the ESOP ownership form for the first time,” a press announcement from Albany stated.
ESOP stands for Employee Stock Ownership Plan. Today, over 10 million workers in the U.S. have ESOPs, or about 1 in 13 people in the job force. In the AEC industry, firms like Ayers Saint Gross, BNIM, SHoP Architects, HDR, HNTB, Gensler, Zaha Hadid Architects, and IA Architects offer ESOPs. The global landscape firm SWA was
→ Continue reading at The Architect's Newspaper
