Just last week, 2,850 Partners received their 2020 Employee Stock Ownership Plan (ESOP) statements. Their accounts received approximately 20% growth and a $19 million contribution, which is about 19% of their 2020 pay. Stewart’s Shops employees now own over 40% of the company through profit sharing.
There are now 105 Partners with a balance of over $1 million and nearly a third of these millionaires are still actively working. This is possible because of our stability, enabling years of double digit percent of pay contributions, plus double-digit growth of balances each year.
Stewart’s Shops also shares with the communities and customers we serve, proudly donating $7.5 million in contributions to nonprofits each year. In 2020, we donated an additional $1 million in Covid relief to those in need.
Mary Lou Saxton is one of these lucky millionaires. She’s a 29-year employee and Manager of the Print Shop. She plans on retiring next year and says,
“I feel honored to be an Owner with Stewart’s! I began my career as an hourly employee and moved to managing the Print Shop fairly quickly. My ESOP continued to grow with me; I am fortunate enough to be able to retire at 60 next year after 30 years with $1 million plus in my account. The stability of Stewart’s as a company will ensure that I have a comfortable retirement for the rest of my life.”
By SHARING between employees and shops there is a more profitable and pleasant atmosphere. This control allows for more efficiency and creates greater profitability making large ESOP contributions and generous community donations possible.
“We are very grateful to not only be in a position to share with our Partners with stable employment, benefits, and a generous ESOP contribution, but to continue sharing with our communities via Covid relief and charitable giving. 2020 was an unprecedented year, and we thank our Partners for their unwavering dedication,” says Stewart’s Shops president Gary Dake.
Who is Eligible for ESOP?
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.
Great news, we’re hiring! We have positions available at our shops, plant, and corporate office. Visit our careers page for more information.