Employee
An employee must be at least this age to participate in the ESOP
What is 18 years old?
Company stock is valued each year by this type of organization.
What is an independence third-party valuation firm?
This was announced this year as the current ESOP stock price.
What is $1,138.07?
The Steel Encounters ESOP was first established in this year
What is 2005?
To receive an ESOP allocation for the year, employees must work at least this many hours.
What is 500 hours?
True or False: Employees buy ESOP shares using money deducted from their paychecks.
What is False? The company contributes to the ESOP.
After how many years of service under the current schedule is an employee 80% vested?
What is 5 years?
The ESOP is classified as what type of plan?
What is a retirement plan?
To receive an ESOP contribution for the year, an employee must still be employed on this date.
What is December 31st?
What happens to unvested ESOP shares when an employee leaves the company before becoming fully vested.
What is they are forfeited and reallocated to eligible participants?
Name one event that makes an employee immediately 100% vested regardless of years of service.
What is reaching retirement age of 65, death, or disability?
Employees may roll an ESOP distribution into this type of retirement account.
What is an IRA?
True or False: Employees covered by a collective bargaining agreement are generally eligible for the ESOP.
What is false?
Unlike a 401(k), ESOP participants cannot choose this.
What are their investments?
Employees become owners of Steel Encounters through this company benefit.
If an employee receives a distribution before age 59 and a half, they may owe an additional tax penalty of what amount?
What is 10%?