Terminology
This is what ESOP stands for.
What is Employee Stock Ownership Plan?
Minimum age for eligibility.
What is age 18?
This is the amount employees contribute to the ESOP.
What is $0?
Any of these four events allow for distribution.
What is termination, disability, death, or retirement at age 59 1/2?
Our Trustee.
Who is First International Bank & Trust?
An employee's right to all or part of their account balance.
What is Vesting?
The year the Hunt ESOP began.
What is 2016?
The number of hours per year an employee must work to receive a contribution.
What is 1,000 hours?
*Unless the employee terminates due to disability, death or after reaching age 59 1/2.
This is the amount of funds an employee can take with them upon separation from the company.
What is the vested balance?
Our ESOP recordkeeper.
Who is Boulay?
An individual unit of ownership in the company.
What is a share?
The end of the ESOP plan year.
What is December 31?
In addition to shares, this may also be allocated to your account each year.
What are cash dividends?
Your account balance will be automatically distributed if it is less than this amount.
What is $5,000?
Our valuation team.
Who is Prairie Capital?
Employee Ownership Month
What is October?
The amount of time before an employee becomes fully vested.
What is 6 years? (1-0%, 2-20%, 3-40%, 4-60%, 5-80%, 6-100%)
The share allocation formula.
What is your eligible compensation / total employee eligible compensation?
Distributions may be paid out over this number of years.
What 5 years?
Our 401(k) retirement savings plan recordkeeper.
Who is Empower?
12 consecutive months of employment and 1,000 hours worked.
What is the waiting period?
The date an employee may enter into the plan after meeting the waiting period.
What is the first day of any month?
The number of shares allocated to participants each year.
What is 4,000 shares (plus forfeited shares)?
The minimum installment payment is this amount.
What is $100,000?
Who is The ESOP Association?