When am I Enrolled in the ESOP?

Understanding when you become part of the ESOP is crucial for planning your future with the company and making the most of this valuable benefit. Here’s how it works:

Eligibility Criteria: You are eligible to join the ESOP on January 1 of the year you complete 12 consecutive months of service with 1,000 hours worked during that period.

Let’s look at some examples:

• Elaine is hired on February 15, 2025. Although she will complete 1,000 hours of service by the end of the year, she will not reach 12 consecutive months until February 15, 2026. Elaine joins the ESOP on January 1, 2026.
  
  
• Oscar is hired on September 20, 2023. It will take him until September 20, 2024, to have the required 12 consecutive months of service (with a minimum of 1,000 hours). Since he is eligible to join the ESOP on January 1 of the year he completes the requirements, Oscar joins the ESOP on January 1, 2024.

ESOP Start Date: The ESOP officially starts in January 2023. Therefore, if you had already completed 12 consecutive months of service and worked at least 1,000 hours by January 1, 2023, congratulations! You are already an employee-owner under the ESOP. This marks your participation in the plan and your journey as an employee-owner.

After meeting the requirements, an ESOP account will automatically be created for you. You do not need to take any action when you become eligible.

Being enrolled in the ESOP is a significant milestone. As an employee-owner, you will share in the company’s successes and have a stake in its future. If your eligibility date is approaching, get ready to take advantage of the opportunities and benefits that come with employee ownership.