I’ve never heard of an ESOP? What is it?
An ESOP is a type of retirement account that is 100% sponsored by the employer. Employees are awarded company stock shares annually where the investment grows tax-free until distribution.
How long do I have to wait to access the funds in my account?
We do have a vesting period of 3 years. After that, you can seek a distribution if you leave the company or retire.
What if I want to add to my ESOP account? Can I buy shares on my own?
No. The ESOP is funded entirely by your employer. We do offer a 401K with a match that you can participate in if you want to save more for retirement.
How can I improve the ESOP value?
Employees can improve the ESOP value just like an owner might to their own company: being dedicated to customer service, making improvements in time management, reducing expenses and waste, and making improvements in risk management, to name a few.
Who can participate in an ESOP?
Our ESOP is open to every employee in the company. And is available at no cost to them.
When can I withdraw funds from my ESOP account?
Your ESOP account is a retirement benefit. You will be eligible to make withdrawals after age 65.
How much does the ESOP cost to the employee?
Nothing! The ESOP is 100% sponsored by the employer.