The GH ESOP Chronicles

Chapter Three

GH ESOP: A TEAM VICTORY

The challenge: A company-wide food drive benefitting local nonprofit 412 Food Rescue.

The results: 13 overflowing boxes of nonperishable food and non-food items sent to 412 Food Rescue and their partner, Catholic Charities Warming Station.

Thank you for being a team player and helping us give back directly to our community!

Bonus Points: The ESOP Committee also raffled off a $50 gift card to everyone who participated. Congratulations to our winner, Carlo Leo! Don’t spend it all at once. 😎

New Year,
New Adventures

THE PLAN YEAR: OVERVIEW

We hate to remind you that January and February have come and gone already. But this serves as a good time to remind GHers about the Plan Year. The Plan Year begins January 1 and ends on December 31 of the same year.

But what does this mean?

At the end of each Plan Year, GH Board of Directors review the company’s financial performance and condition to determine how much to contribute back into the ESOP assets. For example, they can contribute to the Company Stock, which increases each eligible GHer’s share of the company. Once this process is complete, statements are generated and sent to participants declaring the total number of shares allocated to their Company Stock and the dollar value.

Just like the ice cream truck, these statements are typically ready and delivered in the summertime.

THE PLAN YEAR: ELIGIBILITY

To qualify for the ESOP, employees must be considered full-time and clock in a minimum of 1,000 Hours of Service within the Plan Year (January 1 – December 31). Those who meet or exceed 1,000 Hours of Service within the Plan Year will accumulate 1 Year of Service. With each Year of Service, you become more vested in the ESOP. A minimum of 2 Years of Service are required to become partially vested at 20%. Each Year of Service increases the vested percentage.

After 6 Years of Service, pop the champagne, because that means you are 100% vested in the ESOP!