ESOP.EDU – SUMMARY PLAN DESCRIPTION
Every Employee Stock Ownership Plan has a Summary Plan Description (SPD). And, as way of educating and engaging our employee owners, we are going to share some of the highlights here – facts that impact each of us as participants in our ESOP retirement plan.
Part 1: Participating in the Plan
Am I eligible to Participate in the Plan?
You are eligible to participate in the plan if you are not an excluded class. Excluded classes include: 1) those who receive no income from the company, 2) union employees (employment is based on a collective bargaining agreement) and 3) independent contractors.
If I am eligible, what requirements must I meet to participate in the Plan?
You may participate in the Plan if you are at least age 21 and have completed one year of service with the company. A year of service is a 12-consecutive-month period during which you completed at least 1,000 hours of service beginning the first day of employment.
On what date do I begin to participate in the Plan?
Your participation in the Plan will begin on the following April 1st or October1st after you’ve become eligible to participate.