ESOP News September-October 2018
In October of 1993, FBG formally announced its Employee Stock Ownership Plan, an IRS-approved retirement plan intended to provide retirement, death and disability benefits to participating employees. The first ESOP certificates were shared in April 1994, solidifying founder Wayne Simmonds’ long-time vision for the company and officially establishing FBG as one of the Top 100 Employee Owned companies in America.
Here are some facts about FBG’s plan:
- Since becoming an ESOP, our stock value has increased 207% (valued at $102.60 per share as of 09/30/17).
- The total number of active participants in our ESOP as of 09/30/2017 is 475.
- We offer a second retirement benefit, a 401k plan, that matches up to 4% of your contribution.
- Since 1992, participants have shared in contributions totaling $22 million.
- Since 1993, our ESOP has distributed over $9.3 million to former FBG employees.
- You become eligible to participate after one year of service and working at least 1,000 hours within that year.
Ask your Human Resources Manager if you have questions about our ESOP.
If you’re already an employee owner, make sure you have a designated beneficiary!
Happy Employee Owner Month Everyone!