ESOP 101
This is what ESOP stands for
What is Employee Stock Ownership Plan
This is how many hours are needed in a Plan Year to vest
What is 1,000
This is the age when an employee becomes eligible to diversify
What is 55
This is our current ESOP Share Value
What is $56.05
This is the state where our pipe and precast businesses are located
What is Iowa
This is the person who is responsible for acting and making decisions in the exclusive interest of the shareholders
What is the Trustee
This is the amount of years that must be worked until an employee is 100% vested into our ESOP
What is 5 years
This is how large of a balance an employee must have to be eligible to diversify their ESOP
What is $500
This is the year that our ESOP was established
What is 2004
This is the name of our Big Board Machine
What is the Servopac Premier
This person/company is Besser Company's ESOP Trustee.
What is GreatBanc
Upon termination from Besser, an employee has this long to return to employment with Besser to resume vesting
What is 5 years
This is how long an employees must be a participant in the ESOP to be eligible to diversify
What is 10 years
This is the age you must be to receive your ESOP funds specifically after retirement from Besser
What is age 65
This is the year that Besser Manufacturing Company was formed.
What is 1904
This is our ESOP website where employees can find copies of documents such as the Summary Plan Description (SPD) and vesting schedules and also view their share value history.
What is the esopconnection.com
These are the four ways a vested employee can begin to receive their ESOP funds
What are Death, Disability, Retirement, or 5 years Post Termination
This is the only account option for U.S. employees to transfer their share value to
What is 401k
What was the value of our ESOP shares when we first became an ESOP in 2004
What is $10.15
This is the block making machine that was unveiled in 1904 by Herman and Jesse Besser, capable of producing 200 block per 10-hour-day.
What is the Hand Tamp Block Machine
This is the firm that completes our annual valuation to determine our share value each year
What is Stout
At 100% vested, it's the amount you may withdraw from your account while still employed at Besser.
What is $0.00
Participants have the option each year to elect a transfer of up to THIS MUCH of their ESOP Share Value
What is 25%
This is the year we had our highest ESOP share value
What is 2021
(It was $56.05)
What family did we buy the Company from in order to become an ESOP?
What is The Park Family