ESOP 101
This four-letter plan lets employees become company owners.
What is an ESOP?
The document that shows how many shares are in your account.
What is a participant statement?
When you retire or leave, you receive this for your shares. (depending on eligibiliy)
What is a cash distribution (or payout)?
Owners think like this when making daily decisions.
What is like business owners?
Wayne Bank first opened its doors in this year.
What is 1882?
ESOP stands for "Employee Stock ______ Plan".
What is Ownership?
This annual process determines how many new shares you receive.
What is the ESOP allocation?
These professionals set the annual share price.
Who are independent appraisers?
ESOP companies often report higher scores in this “E-word.”
What is engagement?
True or False: Wayne Bank is both family- and employee-owned.
What is True?
ESOPs are a type of this tax-qualified retirement plan.
What is a defined-contribution plan?
The percentage of the company the ESOP currently owns.
What is 21%?
True/False: ESOP payouts are always tax-free to employees.
What is False?
Name one way employees can raise the share value besides sales growth.
What is improving efficiency / cutting waste / enhancing service?
Wayne Bank’s founding family that remains co-owners today.
What is the Boyd family?
True/False: You have to buy shares with your own money to join.
What is False?
Over time, this “V-word” describes how you gain rights to shares.
What is vesting?
Rolling your distribution to one of these avoids taxes now.
What is an IRA or another qualified plan?
The annual celebration of our shared ownership is called this.
What is Employee Ownership Month (October)?
The downtown Richmond (Waytru Plaza) office opened in this year.
What is 1983?
The federal agency that regulates ESOP retirement rules.
What is the Department of Labor?
The fair-market value of shares is updated how often?
What is once per year?
The term for the company’s repurchase of departing owners’ shares.
What is the repurchase obligation?
This leadership quality spreads ownership thinking through teams.
What is open-book management (or transparency)?
The bank's original name when it opened in Cambridge City.
What is Western Wayne Bank?