Page 30 - Gray_2020 Benefit Guide
P. 30
Quick Contact Details:
Gray’s Benefits team in the
Your Wealth ESOP Human Resources department
When will I become eligible How long before
to participate? stock is vested?
Below is an example of when participation ESOP plans are designed to reward
in the ESOP takes effect. For more long-term team members and therefore
details on eligibility, refer to page 28. have a 5-year vesting schedule.
8/31/2023 Vesting Schedule
1/1/2022 Year of Service*
8/5/2021 Statement Less than 2 years 0%
Join ESOP
2 years 40%
8/5/2020 1 year 3 years 60%
Hired 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.
1/31/2024 4/30/2024 5/31/2024 7/15/2024 7/31/2024
W-2s Valuation Verify compensation, Required ESOP
completed, finalized and hours worked, vesting testing statements
census data approved new hires/rehires, finalized & are generated
finalized & by Trustee. Dividends paid on financial audit & mailed.
prior yr. balances,
submitted interest paid on complete.
to TPA. prior year cash.
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