Partners at Stewart’s Shops are wearing their “Stewart’s Smiles” as they received their 2022 Employee Stock Ownership Plan (ESOP) statements this week. A $19 million contribution was made to 3,000 active employees’ ESOP accounts which equates to 16% of each Partner’s 2022 wages. Additionally, ESOP participants saw their account balances grow by 12.5% in 2022. Stewart’s Shops employees own over 40% of the company through profit sharing.
There are now 175 Partners with a balance of over $1 million and 70% of the current employee millionaires started out as hourly employees. This is possible because of Stewart’s stability, enabling years of double digit percent of pay contributions, plus double-digit growth of balances each year.
“Even with a challenging economy, supply chain issues and rising costs due to inflation, we are elated to be in a position to share this generous ESOP contribution with our Partners. It is only possible because of their hard work, efficiency and their pride as owners that we have had another successful year.” says Stewart’s Shops president Gary Dake.
The ESOP program is 100 percent funded by the company for anyone working at least 1000 hours a year. After six years in the plan, a Partner’s balance is usually greater than a year’s pay. Stewart’s Shops currently has positions available at its shops, plant, and corporate office. Visit our careers page for current openings.
Stewart’s Shops also shares with their communities, proudly donating $9 million in contributions to nonprofits in 2022.
Stewart’s Shops, a Sharing Company