Stewart’s Shops is rewarding eligible partners for their hard work and dedication by contributing an amount equal to 20% of their annual salary into the Stewart’s Employee Stock Ownership Plan.
“Our partners in the shops, at the plant and in the office are the very people who make us different,” said Stewart’s president Chad Kiesow. “They are the reason we are successful. We want to reward them and a 20% contribution into their retirement is a great way to do that.”
There are 4,300 participants in the Stewart’s ESOP. Roughly 1,000 are retirees, the other 3,300 are active employees who are eligible for the 20% contribution.
Stewart’s annual retirement contribution averaged 17% over the previous five years.
Unlike a traditional 401k, which often includes a 3% to 6% company match, Stewart’s ESOP is 100% company funded.
Stewart’s owns and operates more than 400 convenience stores across upstate New York, Vermont and western New Hampshire.
The company has been successful because Stewart’s and the Dake family recognized decades ago that they are only as good as the employees who work with them.
The Dake family owns approximately 60% of the business and the employees own about 40%. Employee ownership is the reason that Stewart’s refers to ESOP members as partners.
“The partners in our shops are out there every day interacting with and taking care of our customers,” Kiesow said. “It is because of their hard work and dedication that we are in a position to reward them.”