Since 2015, Superior Electric has been proud to be a 100% employee-owned 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.
• 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.
• 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.