ESOP Basics
A retirement benefit plan that gives employees ownership interest in the company.
What is an ESOP?
This is the employee out of pocket payment to participate in the ESOP.
What is $0?
This is when Providence started the ESOP.
What is November 1, 2012?
The year when Providence was founded.
What is 2000?
The number of rings on the Olympic flag
What is 5?
This acronym stands for Employee Stock Ownership Plan.
What is ESOP?
This is the number of hours per year an employee must work to receive a distribution for that year.
What is 500 hours?
This percent of our business is employee owned.
What is 100%?
The Chief Executive Officer.
Who is Wayne "Hud" Smith?
This is the only sport to have been played on the moon.
What is Golf?
The key benefit of participating in an ESOP—beyond just a paycheck.
What is ownership in the company?
These individuals become participants once they meet eligibility rules.
Who are eligible employees?
The current stock value.
What is $3.60?
This Employee has been at Providence the longest.
Who is Lowell Hebert?
This NFL player holds the record for the most Super Bowl rings, with a total of seven.
Who is Tom Brady?
The point at which an employee owns 100% of their ESOP account.
What is full vesting?
The number of years that you are fully vested.
What is 6 years?
The year Providence successfully paid off the entire loan for our Employee Stock Ownership Program.
What is 2024?
The number of Providence office locations.
What is 6?
This NBA player is known as "The King" and was the youngest player to score 10,000 points in the league.
Who is LeBron James?
This independent process sets the fair market value of company shares.
What is an annual valuation?
This term describes how ownership in ESOP shares is earned over time.
What is vesting?
Besides retirement, these three events can also trigger an ESOP payout.
What are death, disability, and separation from service?
Client number 039.
Who is Shintech?
The Chicago Cubs ended the longest World Series drought in MLB history, which lasted this many years, by winning in 2016.
What is 106 years?