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The number of hours you must work in a year to earn a year of service in the ESOP.
What is 1000 hours?
An ESOP is a federally regulated type of these.
What is a Retirement Plan?
This process that gives employees official rights to the shares in their ESOP account.
What is Vesting?
The cost to employees to participate in the ESOP.
What is free?
This dollar amount distinguishes when you are able to receive your vested shares/funds from the IA ESOP plan.
What is $5,000?
This is how an employee joins the plan once they meet the eligibility rules.
What is automatically?
The ESOP is often compared to this other common type of retirement savings plan.
What is a 401(k)?
The minimum number of years you need to work at IA before you are partially vested in the ESOP.
What is 2 years of service.
This is the name of our ESOP plan administrator.
Who is Menke?
If you leave IA for this reason, your payout begins by the end of the next calendar year.
What is retirement?
In order to receive a contribution for the plan year an employee must do this.
What is, be employed on the last day of the year.
The pieces of the company you receive in your ESOP plan.
What is a Share?
The number of years of service needed to become 100% vested in the ESOP.
What is 6 years?
The document you see on the Menke portal each October showing your current ESOP balance.
What is your ESOP statement?
Rolling your ESOP distribution into another retirement account allows it to stay this.
What is tax free?
An employee hired May 1st who works 1,000+ hours will become eligible for the ESOP on this date.
What is January 1 of the current year?
The ESOP encourages employees to think like this, since they directly benefit when the company does well.
What is an owner?
This increases your ESOP account balance when the company performs well.
What is the ESOP share price?
This is the compensation used to determine your contributions for the ESOP plan.
What are your W2 wages?
If you have over $5,000 of vested funds and leave IA for before retirement, you will wait this long before receiving your 1st payout.
What is 6 years?
An employee hired Sept. 1st will become eligible for the ESOP on this date.
What is Jan. 1 of the next year?
This is a group that holds the shares for the benefit of ESOP plan participants.
What is a Trust?
The process of dividing up shares among plan participants.
What is Allocation?
The IA ESOP plan historical price increase trend.
What is 15.2%?
If you are 55 or older and have been in the ESOP plan for 10+ years, you can withdraw funds through this process?
What is Diversification?