Skip to main content
Enter search terms below…

Member News

Rifenburg Holdings, Inc. transfers 100 percent ownership of the company to employees through an Employee Stock Ownership Plan



Troy, New York, July 1, 2024 — Rifenburg Holdings, Inc. headquartered in Troy, New York, is now 100% employee-owned following the transfer of all of the stock of the Company to a newly-formed Employee Stock Ownership Plan (ESOP). This ownership transition, effective as of June 30, 2024, includes 100% of Rifenburg Construction, Inc.; Marcy Excavation Services, LLC; Rifenburg North Carolina, LLC; Rifenburg Contracting Corporation; Park East Sales, LLC; and Construction Administration Network, LLC.

“The Rifenburg family recognizes that it’s our loyal employees that made these companies successful over the past 66 years. We decided the best way to transition the organization to the future was to allow them to share in that success. We are very excited about this opportunity and we are confident that it will help attract new people to our team”

An ESOP is an employee benefit plan, facilitated through a trust, which provides company stock to employees as part of their retirement benefits. Congress created these plans to make it possible to transfer ownership to employees in a tax-favored way. According to the National Center for Employee Ownership, there are approximately 6,500 ESOPs in the United States holding total assets of over $1.6 trillion and covering nearly 14 million participants. As a 100% ESOP owned company, all of Rifenburg Holdings Inc.’s stock is now held in trust by the ESOP exclusively for the benefit of eligible Rifenburg employees.

Storytelling and Memory will be presented by the Tanglewood Music Center’s Fromm Quartet at the Curtis R. Priem Experimental Music and Performing Arts Center (EMPAC) at Rensselaer Polytechnic Institute on Friday, August 2 at 7 p.m. Free admission is available by registering at https://webforms.rpi.edu/storytelling-memory-tanglewood-music-center.…
Pioneer Bancorp, Inc. (“Pioneer”) (NASDAQ: PBFS), a leading financial institution in New York’s Capital Region, today announced that its Board of Directors appointed Charles Seifert, Ph.D. to its Board of Directors. “We are thrilled to have Dr. Seifert join our board of directors and to draw upon his extensive leadership, management, and banking…
Join us for the groundbreaking of City Station North II, LLC, downtown Troy’s premier mixed-use, Class A development consisting of multi-family apartments (The Six at City Station) and Class A Office Space (The Station) over garage parking on Tuesday, July 16 at 2:00 p.m.. Troy Mayor Carmella Mantello, New York State Assembly Member John T.…
Jul
26
Join us for an inspiring and informative discussion about mental health and advocacy within the workplace. Our featured guest is Dr. Jumaine Jones, former…
Check-In and Light Refreshments 2pm; Discussion 2:30pm-3:30pm
Aug
01
Get connected, develop leads and build relationships at our one-of-a-kind, fast-paced networking event. The Chamber’s networking events are a high-impact…
5pm-7pm
Aug
19
Join us for the Rensselaer County Regional Chamber of Commerce Annual Golf Classic for a day of clubs, carts and connections at Normanside Country Club! …
10am Brunch and check-in; 11am Shotgun start; 5pm Dinner and Prizes