Employee Stock Ownership Plan (ESOP)
We are now 100% EMPLOYEE OWNED!
What does that mean?
Employee Owned or Employee Stock Ownership Plan (ESOP) is a type of wealth building/retirement benefit plan that gives employees shares in the company.
- Provided at NO COST TO YOU
- A long-term benefit for all employees
- Stock value based on business performance
- THE BETTER WE DO, THE MORE YOUR STOCK IS WORTH
- To secure our company’s future for both employees & clients
- To maintain our independence and local ownership
- To reward employees for their efforts building our success
How do I qualify?
- Be at least 21 years of age
- Be employed for one year
- Work at least a 1,000 hours during that year
What does vesting mean and how does it affect my account?
- Fully vested (100%) means the value of your ESOP is completely yours
- You become 100% vested over a 6 year period
|Years of Service||Vesting Percentage||Years|
|1||0%||1/1/2018 – 12/31/2018|
|2||20%||1/1/2019 – 12/31/2019|
|3||40%||1/1/2020 – 12/31/2020|
|4||60%||1/1/2021 – 12/31/2021|
|5||80%||1/1/2022 – 12/31/2022|
|6||100%||1/1/2023 – 12/31/2023|
If you have you any questions, please contact the HR Department at (304) 291-9066.
You may also go to www.esopinfo.org