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Superior Electric Great Lakes Company
Superior Electric Great Lakes Company
As an ESOP, all of us benefit from our efforts. Together we succeed and share in the ownership and ultimately the fruits of our collective efforts. We approach each day with the pride of ownership and a true commitment to each other and the company’s success.
The ESOP is open to all non-union employees who are at least 18 years old, work at least 1,000 hours in a calendar year, and have completed one year of service. Best of all, there is no monetary investment to participate. The only investment the employee makes in SEGLC is their hard work and dedication to each individual and collective task.
MORE THAN A JOB
• ESOP stands for Employee Stock Ownership Plan
• Qualified retirement pension plan trust for federal tax purposes
• Complies to federal Employee Retirement Income Security Act (ERISA) guidelines
• Keep jobs and capital in local communities
• Boost productivity of US businesses
• Greater retirement wealth of US workers
• Avert shutdowns
• Tax-advantaged corporate financing
• Retiring owner’s succession strategy
• You share in the risks and rewards of being an owner
• Your efforts can influence the future success of the company
• When the ESOP was created, a trust was formed. The trust purchased all the shares from the previous owner and the company ownership is now held in that trust. Each year, the trust releases a portion of share value back to the employee’s account.
• Like most retirement accounts, ESOPs have a vesting schedule. The vesting schedules vary from company to company. Here at SEGLC, there is a three-year vesting schedule that begins on your date of hire.
• The ESOP is managed by an outside directed Trustee. The Trustee is legally obligated to protect the interests of the ESOP participants.
• The Trustee is directed by the ESOP Committee.
• The ESOP Committee is appointed by the board of directors and delegated the responsibility to oversee the day-to-day operations of the plan.
• The ESOP does not permit voting on day-to-day operating decisions. These decisions are made by management.
• This is an employee retirement benefit above all else. It is a vehicle to allow for employees to retire at the end of their career with a portion of the value of the great company they worked for all those years. The ESOP benefit is in addition to the company 401(k) benefit, not in lieu of, and poses a win-win for the employees of this great company.
