Employees gain company ownership
Contemporary Long-Term Care Weekly, January 25, 2007
Sometime in the next three months, employees of the Miller's Merry Manor nursing will own the company, reported www.fortwayne.com. The Warsaw, IN-based chain has formed an employee stock ownership plan (ESOP) allowing its 3,000 employees and any future employees working 1,000 hours a year to own stock in the company. Employees will also gain 100% ownership of 29 nursing homes and nine assisted-living facilities, along with a hospital-based transitional care unit. The ESOP works as a qualified retirement benefit plan, reported www.fortwayne.com.
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