Page 42 - 2022_bb_graycon_digital_single
P. 42
YOUR WEAL TH Quick Contact Details:
Gray’s Benefits team in the
Employee Stock Ownership Plan (ESOP) Human Resources department
When will I become eligible to participate? How long before stock is vested?
Below is an example of when participation in the ESOP takes ESOP plans are designed to reward
effect. For more details on eligibility, refer to page 38. long-term team members and therefore
have a 5-year vesting schedule.
8/31/2025
Vesting Schedule
1/1/2024
Statement Year of Service*
8/5/2023 Join ESOP Less than 2 years 0%
8/5/2022 1 year 2 years 40%
Hired 3 years 60%
4 years 80%
5 or more years 100%
*YOS = 1,000 hours within a calendar year
When will I receive additional ESOP statements?
An estimated timeline is below.
1/31/2026 4/30/2026 5/31/2026 7/15/2026 7/31/2026
W-2s completed, Valuation finalized and Verify compensation, Required testing ESOP statements are
census data finalized & approved by Trustee. hours worked, vesting finalized & financial generated & mailed.
submitted to TPA. new hires/rehires, audit complete.
Dividends paid on
prior yr. balances,
interest paid on
prior year cash.
39
