Stewart’s Shops announced a $13.3 million
contribution to their Employee Stock
Ownership Plan (ESOP), which is an increase
of $4 million over the previous year.
Stewart’s employees own nearly 40 percent
of the company through profit sharing, which
is funded 100 percent by the company, and
provides long-term financial security, company
officials said.
The company contribution equaled nearly
20 percent of a pay for partners, its term for
employees, in 2014. In addition to the contribution,
partners will see 14.9 percent growth
on their existing ESOP accounts, as Stewart’s
Shops continues to grow, the company said.
There are 2,400 active participants in the
plan, the company said. The ESOP contribution
is available to anyone working 1,000
hours a year. Employees will be partially
vested in their balance until they reach 100
percent in six plan years. The balance should
equal about a year’s pay after six years in
the plan.
For ESOP participants, Stewart’s also offers
a paid maternity program, discounted
YMCA gym and daycare programs, as well as
a Make Your Own Scholarship program which
provides college scholarships to partners’
dependents.