Stewart’s Shops is celebrating a successful year with its dedicated partners as balances in the company-funded retirement program grew by double digits for the 13th consecutive year.
More than 3,400 Stewart’s partners are currently enrolled in Stewart’s Employee Stock Ownership Plan as the company continues to grow by rebuilding shops and expanding into new communities.
Stewart’s ESOP program now has more than 200 millionaires.
Partners saw the value of their ESOP balances grow by more than 10% last year. The company also rewarded partners by contributing an amount equal to 20% of their annual salary into their ESOP accounts.
“We have so many dedicated partners. That includes everyone from the partners who keep our shops running smoothly to the people who make and deliver the award-winning milk and ice cream that our customers rely on,” said Stewart’s president Chad Kiesow. “Our ESOP program is our way of thanking our partners for their hard work.”
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.