Page 28 - Gray_2020 Benefit Guide

Quick Contact Details:
Gray’s Benefits team in the
Your Wealth ESOP Human Resources department

EMPLOYEE STOCK

OWNERSHIP PLAN

Did you know Gray is 30% employee owned? As a
proud owner of Gray, you will share in the success
of the company by earning additional income for
retirement and acquiring beneficial ownership interest.

What is an ESOP? Who runs Gray’s ESOP?

Gray’s ESOP is one of our
most exciting benefits! It’s
a qualified retirement plan
governed by ERISA (IRS,
Department of Labor) that Trustee Third Party Administrator
provides team members The Trustee oversees the Maintains the ESOP
with ownership in Gray, ESOP for the exclusive records and produces
benefit of participants
participant statements
thus sharing in the capital
growth and dividends of the
company. It’s also an effective Administrator Independent Valuation Firm
tool for business ownership Gray’s Board of Directors Completes annual valuation of stock
succession planning.

How does Gray’s ESOP work?

Gray established Gray makes a As the ESOP makes When you leave the
an ESOP and contribution to the its loan payment, company, you receive
loaned it money to ESOP each year so it can participants are the value of the
buy 30% of the company’s make its loan payment. allocated shares in vested portion of
stock in two separate (NO team member their account. your ESOP account.
transactions. funds are required.)

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