An Employee Stock Ownership Plan (ESOP) is a tax-qualified retirement plan authorized and encouraged by federal tax and pension laws. Unlike most retirement plans, ESOPs are required by law to invest primarily in the shares of stock of the sponsoring employer. They are trusts that hold shares of the business for employees, making them beneficial owners of the company that employs them.
As owners, we take great pride in our work. When everyone has a real stake in who we are and how we’re known, it brings a deeper sense of purpose to everything we do.
Once you become eligible to contribute to the 401(k) Plan, you are also eligible for matching contributions in the ESOP provided you actively participate in the 401(k) Plan.
You will see contributions start after the 1st of the month following your 6th month of eligibility. If you become eligible on June 15th, contributions begin July 1st.
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