Page 23 - 2021 Willett Engineering Benefits Guide

Quick Contact Details:
Your Wealth ESOP Gray’s Benefits team in the
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) Trustee Third Party Administrator
that provides team members The Trustee oversees the Maintains the ESOP records and
with ownership in Gray, thus ESOP for the exclusive produces participant statements
sharing in the capital growth and benefit of participants
dividends of the company. It’s
also an effective tool for business
ownership succession planning. Administrator Independent Valuation Firm
Gray’s Board of Directors Completes annual
valuation of stock

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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