GTE Praises Legislation to Promote Employee Stock Ownership Programs

WASHINGTON - Today, a bi-partisan, bi-cameral bill was introduced to protect broad-based employee stock participation plans. The legislation was introduced with the support of the administration.

The following may be attributed to J. Randall MacDonald, GTE executive vice president of human resources and administration.

The bipartisan legislation introduced today in Congress will enable GTE and other companies to continue to provide all employees the opportunity to participate in stock ownership programs. We congratulate Sens. Mitch McConnell, R-Ky., James Jeffords, R-Vt., Christopher Dodd, D-Conn., and Michael Enzi, R-Wyo., and Reps. Cass Ballenger, R-N.C, Steven Kuykendall, R-Cal., Tom Davis, R-Va., and James Moran, D-Va., for their timely introduction of this legislation. We also commend Secretary of Labor Alexis Herman for her support.

The legislation will protect broad-based employee stock participation plans and is an excellent example of our government and the private sector working together in a timely manner to solve a problem that will benefit everyone.

The provisions included in the legislation exempt stock options and other forms of equity participation programs from the Fair Labor Standards Act's overtime requirements. This allows companies to continue a growing trend to offer stock ownership opportunities to all employees, not just to those in the executive ranks.

GTE is a leader in the telecommunications industry in giving stock options to all GTE employees, both management and non-management. This legislation will allow GTE and other companies to continue this very positive benefit for employees.

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