SOP is a type of wealth-building/retirement benefit plan that gives employees shares in the company.
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
Why?
- To secure our company’s future for both employees & clients
- To maintain our independence and local ownership
- To reward employees for their efforts in building our success
How do I qualify?
- Be at least 21 years of age
- Be employed for one year
- Work at least 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 6 years
| Years of Service | Vesting Percentage | Years |
|---|---|---|
| 1 | 0% | 1/1/2018 – 12/31/2018 |
| 2 | 20% | 1/1/2019 – 12/31/2019 |
| 3 | 40% | 1/1/2019 – 12/31/2019 |
| 4 | 60% | 1/1/2019 – 12/31/2019 |
| 5 | 80% | 1/1/2019 – 12/31/2019 |
| 6 | 100% | 1/1/2023 – 12/31/2023 |
