Miller’s Health Systems Announces Employee Stock Ownership Plan
“These last few months have been very busy for us at Miller’s Health Systems. Besides the usual activities and demands of the holidays and closing out the old year, this season has been especially busy with preparations for an Employee Stock Ownership Plan for our employees. Following is the news release telling you more about this exciting development in our company.“
Happy New Year!
Patrick Boyle,
President/CEO
Miller’s Health Systems Announces Employee Stock Ownership Plan
The Board of Directors of Miller’s Health Systems, Inc. recently announced the formation of an Employee Stock Ownership Plan (“ESOP”) for their employment force of nearly 3000. Miller’s Health Systems, Inc. operates in the State of Indiana and manages 30 Miller’s Merry Manor nursing care centers and 9 Miller’s Senior Living assisted living communities, and leases and operates a hospital transitional unit. V. Richard Miller, R. James Miller, Beverly Miller and Barbara Miller, the four surviving children of founders Wallace and Connie Miller, serve as Directors of the organization, and stated, “Since our parents first began this company in 1964, we’ve been keenly aware that the dedication and support of our employees were important keys to our success. Our family believes that the best way to carry on the proud traditions and culture of this company is for our employees to acquire the business through an Employee Stock Ownership Plan.”
An ESOP is a trust which functions as a qualified retirement benefit plan, with the investment being in the stock of the sponsoring company. An ESOP allows for future growth to benefit the company and its employees, and as a transition plan, can alleviate some of the concerns that might result from a traditional sale. The main benefit of an ESOP for employees is the possibility to share in the company’s growth and success. While ESOPs can have varying percentages of ownership, plans call for Miller’s Health Systems to be 100% employee-owned.
According to Patrick Boyle, President/CEO, “The Miller ESOP represents an incredible opportunity for our company to grow into the future, and for our employees to be rewarded for their hard work. We’re proud to be able to present this significant benefit to our employees and appreciate the opportunity that the Miller family is giving us.” Adds V. Richard Miller, “We think our parents would approve of this important decision, and that as a succession plan, it’s the best way to ensure that the traditions and care standards that the company was founded on will continue for generations to come. The ESOP is a good way to achieve our transition goals and to give back to our employees.”
