ESOP Basics
This is what ESOP stands for.
What is Employee Stock Ownership Plan?
Employees must be at least this age to become eligible for the ESOP.
What is 18 years old?
Employees complete the ESOP vesting process after this many years.
What is 6 years?
SRC's current stock value.
What is $250.71?
This SRC management system teaches associates how the business works through open-book financial transparency.
What is The Great Game of Business?
This percentage of SRC is employee-owned.
What is 100%?
Employees must work at SRC for this many months to meet the service requirement for ESOP participation.
What is 3 months?
After four years of vesting, you have earned this percentage of your ESOP account.
What is 60%?
SRC's stock price is established this many times per year.
What is once?
This month is celebrated as Employee Ownership Month.
What is October?
SRC first became an employee-owned company in this year.
What is 1983?
Employees must work this many hours during the plan year to qualify for an ESOP contribution.
What is 1,000 hours?
SRC's annual ESOP contribution averages this percentage of an employee's payroll.
What is 6-8%?
These two factors are considered when determining SRC's stock value.
What are financial performance and future company prospects?
This is the primary purpose of an ESOP and the reason associates receive company stock.
What is building long-term wealth for employee-owners?
SRC makes contributions to employee ESOP accounts this often.
What is annually?
This term describes the percentage of your ESOP account that belongs to you and cannot be taken back.
What is vesting?
Employee-owners receive this document every August showing their ESOP account's current value.
What is an Annual ESOP Certificate?
These two components help determine the value of your ESOP account.
What are stock price and company contributions?
At an employee-owned company, everyone has the opportunity to share in this figurative dessert when the company succeeds.
What is a piece of the pie?
This is how much employees pay to receive shares through the ESOP.
What is $0?
Once eligible, employees are automatically enrolled in the ESOP during one of these four months.
What are February, May, August, and November?
If an employee leaves SRC before becoming full vested, this happens to the unvested portion of their account.
What is forfeiture?
This independent professional determines the company's value each year to establish the ESOP stock price.
Who is an independent appraiser?
After leaving SRC, employees can roll their vested ESOP balance into this type of retirement account.
What is a qualifying IRA?