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employee

stock ownership

Harkins is an Employee Stock Ownership Plan (ESOP). What that means is so much more. Similar to a 401(k), this is a separate retirement fund that gives employees ownership interest in the company. Harkins funds the plan by making contributions and employees don’t contribute a dime. With this plan in place, employees are incentivized to work hard and financially participate in the stock’s appreciation. Learn more about our ESOP below.

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    What is an ESOP?
    • An Employee Stock Ownership Plan (ESOP) is an employee benefit plan that gives employees ownership interest in the company through shares of stock. Harkins’ ESOP is a tax-qualified retirement plan to help employee-owners prepare for their future.
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    What is the purpose of an ESOP?
    • An ESOP is an effective tool for ownership succession planning while also enabling employees to share in the company’s success.
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    ESOP vs. 401(k)
    What is the difference between an ESOP and a 401(k)?
    • A 401(k) retirement plan is funded by the employee, and an ESOP is funded by the employer.
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    What are the ESOP eligibility requirements?
    • To be eligible, one must be at least 21 years of age, complete one year of service, and complete 1,000 hours each plan year.
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    How do employees receive their contribution?
    • Eligible employees receive 10% of eligible compensation to their ESOP account in the form of cash or stock.
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what is it

employee stock ownership