Understanding THE ESOP and your Plan Year 2007
- Slides: 15
Understanding THE ESOP and your Plan Year 2007 STATEMENT OF PARTICIPATION Presented by: The ESOP Communications Committee June 2008
The ESOP Communications Committee Mission statement • To promote an inclusive and interactive workplace by educating our colleagues on our rights and responsibilities as employee owners, and encouraging pride in the impact each of us has on our product and profession Understanding the ESOP and Your Plan Year 2007 Statement
The ESOP Communications Committee Members • Names of Members Understanding the ESOP and Your Plan Year 2007 Statement
Employee education outline • The story – Background & context – Ownership structure • The statement – How does the ESOP work? – Year to date contributions – Remaining debt – Eligibility review – Your statement of participation • The future – Planning ahead Understanding the ESOP and Your Plan Year 2007 Statement
The Story
Background & context What is an ESOP? • Employee Stock Ownership Plan – Government sponsored retirement plan – Company-sponsored employee benefit – All employees are shareholders – BL’s contribution to ESOP is Tax free – Provided at no cost to the employee Understanding the ESOP and Your Plan Year 2007 Statement The Story
Background & context Why did we become an ESOP? • Growing by sharing – Shared ownership – Shared incentive – Shared accountability – Shared success Understanding the ESOP and Your Plan Year 2007 Statement The Story
Current ownership structure ESOP Owner Principals 73% 27% 100% Goal is for BL Companies to be 100% ESOP Understanding the ESOP and Your Plan Year 2007 Statement The Story
The Statement
Eligibility review • To be eligible to participate you must: – Complete 1000 hours in 12 consecutive months of employment • There are two entry dates available: – January 1 or July 1 after meeting the requirements Understanding the ESOP and Your Plan Year 2007 Statement The Statement
The Future
Planning ahead • Economy • Share price • Future contributions Understanding the ESOP and Your Plan Year 2007 Statement The Future
Planning ahead • Company focus – Increased business development efforts – Client diversification – Quality – Project management – Core competencies Understanding the ESOP and Your Plan Year 2007 Statement The Future
Planning ahead • Being an ESOP participant presents a unique opportunity for you to influence the value of your retirement account • Your performance every day on the job contributes to achieving overall company goals and profitability • You can increase the value of the company and the value of your individual account Understanding the ESOP and Your Plan Year 2007 Statement The Future
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