Safety, Quality, Sustainability, Assurance

We are proud to be an ESOP Company

What’s an ESOP

Technically, an ESOP is a tax qualified defined contribution benefit plan governed by some of the same laws and regulations as 401(k) plans. Also, it is an exit strategy for a business owner while maintaining their interest in the business and without having any radical changes to the business. It is similar to a 401K plan meant to fulfil retirement needs of the employee.

Employees are annually allocated stock and can withdraw upon the following: 

  • Retirement
  • Death
  • Disability

Eligibility to the ESOP

If you are classified by Wheeler Services, Inc. as an Employee and you are not an “Excluded Employee,” then you are eligible to participate in the Plan once you satisfy the Plan’s eligibility conditions. 

Who’s excluded?

  • Leased employees
  • Certain non-resident aliens who have not earned income from sources within the United States
Entry date to the plan:
  • You will be eligible to participate in the Plan after you have completed three (3) months of service and have attained age twenty-one
  • Entry Date will be the first day of the calendar quarter (January 1, April 1, July 1 or October 1)

Contributions to the ESOP

  • You must complete a Year of Service during the Plan Year and be actively employed on the last day of the Plan Year (December 31) to share any contributions made to the ESOP
  • You will have completed a Year of Service for purposes of sharing in our contributions if you are credited with at least 1000 Hours of Service during a Plan Year.
  • Our discretionary contribution will be “allocated” or divided among participants eligible to share in the contribution for the Plan Year.
  • You will be entitled to all your accounts under the Plan when you reach your Normal Retirement Age and actually retire. If you continue working after your Normal Retirement Age, your benefits will be deferred until your Late Retirement Date. Retirement benefits generally begin in the Plan Year following the Plan Year of actual retirement
  • You will attain your Normal Retirement Age when you reach your 65th birthday, or your 5th anniversary of joining the Plan, if later.

Unlike deferrals made to your 401(k) plan, it costs nothing to participate in the ESOP, and your hard work and effort help make the ESOP grow!

What’s Next

Start THINKING LIKE AN OWNER by being PRODUCTIVE & EFFICIENT in your job.
As CO-OWNERS, LEARN how YOUR JOB and how you DO it every day affects:
  • Company Profits and Growth
  • Changes in the value of the company stock over time
  • How these things affect the accumulation of WEALTH in your ESOP account
Help create a thriving Ownership Culture by being an engaged TEAM MEMBER & PARTNER

WHEELER SERVICES, INC. is Proud to be an ESOP Company.

Learn More

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