ESOP Program Details
Who can establish an ESOP?
An ESOP is sometimes formed to facilitate succession planning in a private/closely held company
What is an ESOP?
Employee Stock Ownership Plan—An ESOP is an employee benefit through which employees can own company stock
Where are my ESOP shares kept?
In an account of the qualified employee in the ESOP
Name for Person who would receive your plan benefits if you passed away
A Beneficiary
What is needed to login to the ESOP Connection website for the first time?
Your Social Security Number
Do Capital Lighting employees pay for shares of stock?
No. It is granted to them over time as a retirement benefit.
What is defined as an account?
It is a separate bookkeeping account that shows your account balance and details online regarding the plan
When are shares allocated to my account?
Once per year, after the valuation is completed
What is The Employee Retirement Income Security Act of 1974
What is ERISA
Who is the Capital contact person for questions regarding the ESOP?
The Capital Connections Committee or the ESOP Committee
What is one of the four ways the vested amount in your account becomes yours?
The vested portion of your account becomes yours on any one of four occasions: Retirement, Death, Disability and or Termination for other causes. If your termination is due to retirement, death, or disability, payment generally will begin no later than the Plan year following the Plan year in which your termination of employment occurs. If your termination is for any other reason, payment generally will begin no later than the sixth Plan year following the Plan year in which your termination of employment occurs.
What is one way your account balance may increase?
Number of Shares allocated, increase in the value of stock, shares forfeited by other participants
What happens if I leave Capital before I am fully vested?
All non-vested amounts are forfeited
What is an individual described as in the Plan
What is a Participant
Where can you find the Summary plan description on the website?
Under the Plan Documents tab
When can I participate in the plan?
You must be at least age 21 and work for Capital Lighting Fixture Company for at least one year and work 1,000 hours or more in that year. After completing this requirement, you will automatically be enrolled in the Plan on the following January 1 or July
What is defined as company stock?
Shares of stock, which are units of ownership, entitling the owner to a portion of the company's profits and assets.
Who is the trustee for our ESOP?
David VanNess at Greatbanc Trust Company
What is the financial record maintained for employees called
What is an Account
What can be done under the About You Tab on the ESOP Website?
You change your profile, password and beneficiary
What does ESOP Stand for?
Employee Stock Ownership Program
What is one thing that owning stock through an ESOP can do for me?
Gain Retirement dollars, Continuation of the company, opportunities to participate in growth
How can I increase the value of my shares?
Working Hard & Working Safely to contribute to the bottom line of the Company
Committees involve members in the development and delivery of services, and help serve member needs through interaction-Name one ESOP Committee member for 2025
Beth, Robin, Patrice, Penny, and Alex
Where do you find your ESOP Account Activity on the website?
Under the Your ESOP Account tab