100%, for More Than a Quarter Century
The Employee Stock Ownership Plan (ESOP) at Burns & McDonnell is pretty special. Only a small percentage of firms nationwide are 100 percent employee-owned and even fewer have enjoyed that status for more than 25 years. We work hard to be a trailblazer in the ESOP world, because that leads to the best ownership plan for you. We're pleased to say the ESOP Association agrees, honoring us as 2012 ESOP Company of the Year.
Taking Ownership in Success
Jeff Reid describes how employee-ownership is a critical part of the Burns & McDonnell culture, enabling everyone to contribute to both corporate and client success.
What Is an ESOP Anyway?
An Employee Stock Ownership Plan (ESOP) is a tax-qualified employee benefit plan that makes employees into stockholders. Employee-ownership is automatic when you join our team and costs you nothing. At the end of every year, our company makes a cash contribution to the ESOP, which is then distributed to eligible employees. The cash in your account purchases shares at the current fair market value.
Throughout your career with Burns & McDonnell, your account can grow with annual contributions, stock appreciation and dividend payments at no personal cost. Twenty percent vesting kicks in at two years, increasing 20 percent each year until you are fully vested after six years. When you retire or leave the company, your stock is repurchased and you receive the proceeds of the sale. It's a high-impact benefit that rewards loyalty and success. And the rewards can be quite significant, especially in retirement.