ESOP & 401(k)
UNDERSTANDING THE CHANGES THERE ARE TWO CHANGES HAPPENING: CHANGES TO THE
NEW BENEFIT
ESOP SHARE CONTRIBUTION Come September 30th, we will have allocated all of the shares in our ESOP. Since the ESOP’s creation in 2010, we have been working toward this important milestone. This change marks a fully matured ESOP and is an exciting start to a new chapter.
401(k) GRANT Beginning January 2024, all eligible employees will begin to receive a 3% grant deposited into their 401(k) account every payroll. The 3% grant is calculated from base pay and overtime but does not include bonuses.
WHY ARE THESE CHANGES HAPPENING? EXCITING MILESTONE
100% allocation of shares as of 9/30 IN YOUR HANDS
All shares allocated means the ownership is truly in the hands of our employees ONGOING ANNUAL CONTRIBUTIONS
Each year we will buy back shares from former employees and will allocate them out to current employees
DIVERSIFICATION, LIQUIDITY & LOANS
The new grant provides flexibility for employees to build wealth via outside investments to strengthen their retirement fund. This is an excellent compliment to our ESOP. The grant also allows employees to access the funds as needed for loans. NO CONTRIBUTION NEEDED
All eligible employees will receive – no requirement for employees to contribute NO VESTING SCHEDULE
The money that’s contributed every week is yours to keep
FULFILLING OUR MISSION
We are commited to providing a path to retirement for our employee owners YOU ASKED, WE LISTENED
Employees asked for a 401(k) contribution and have been looking for ways to build wealth beyond our ESOP MORE ON THE REVERSE SIDE