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An AI model extracted this from the bill’s official record and can make mistakes. Check the official text ↗ (opens in new tab)

Employee Stock Ownership Plan (ESOP)

A type of employee benefit plan that gives workers ownership interest in the company they work for. Employees typically receive shares of company stock, often as part of their retirement benefits, without having to buy them directly.

Small Business Administration (SBA)

A U.S. government agency that provides support to entrepreneurs and small businesses across the nation, including financial assistance, counseling, and training programs.

Regulatory Compliance

The act of ensuring that a business or organization follows all relevant laws, regulations, and guidelines set by government agencies, which can be complex for specific financial plans like ESOPs.

Stock Valuation

The process of determining the fair market value of a company's shares of stock. This is a crucial step for ESOPs to ensure that employees' ownership interests are accurately and fairly assessed.

Competitive Service

A category of federal civil service positions where applicants must compete for jobs based on their merit and qualifications, typically through a public application and examination process.

Administrator

Refers to the head of the Small Business Administration, who is responsible for overseeing the agency's operations and initiatives.