A retirement plan known for the abbreviation ESOP.
What is an Employee Stock Ownership Plan?
100
A commonly used name for employees who own stock in the ESOP.
What is an employee owner?
100
This designated person receives benefits in the event of the death of the Participant.
What is the beneficiary?
100
The percent of Sebesta owned by the ESOP.
What is 100%?
200
For new employees this is the first day of the month following their hire date.
What is entry/eligibility date?
200
A group of your fellow employees whose mission is to educate you about the ESOP.
What is the ESOP Communications Committee?
200
Receiving cash benefits from the Plan upon retirement, death, disability, or termination of employment.
What is distribution?
200
The number of years of service in the Plan that must take place before a participant is 100% vested.
What is five years?
300
The percentage ownership of your account balance.
What is vesting?
300
The company in charge of the administration of our ESOP (and our 401k).
What is M&I?
300
The process of determintion the value of each share.
What is valuation?
300
The number of Hours of Service required in a Plan Year to receive a contribution and earn a Year of Service.
What is 1,000?
400
The 12-month calendar period beginning each January 1st and ending on the following December 31st?
What is the Plan Year?
400
An employee who has met certain eligibility and participation requirements for the Plan.
What is a Participant?
400
After 10 years of Plan participation, and at least age 55, it's the ability to transfer a portion of your account out of the ESOP and into Sebesta's 401k plan, another IRA, or take a cash distribution.
What is diversification?
400
If your balance is over this amount when you terminate you will be paid out in five annual installments.
What is $10,000?
500
It's the brief description of the Plan and explains your rights, obligations, and benefits.
What is the Summary Plan Description (SPD)?
500
The firm responsible for completing our annual valuation.
What is Chartwell Capital Solutions?
500
An account created when participants terminate employment before becoming 100% vested. This stock is given back to employees.