Page 25 - 2021 Willett Engineering Benefits Guide
P. 25
Quick Contact Details:
Your Wealth ESOP Gray’s Benefits team in the
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 ESOP plans are designed to reward
takes effect. For more details on eligibility, refer to page 23. long-term team members and therefore
have a 5-year vesting schedule.
8/31/2024 Vesting Schedule
1/1/2023 Year of Service*
8/5/2022 Statement Less than 2 years 0%
Join ESOP
8/5/2021 1 year 2 years 40%
60%
3 years
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.
1/31/2025 4/30/2025 5/31/2025 7/15/2025 7/31/2025
W-2s completed, Valuation finalized Verify compensation, Required testing ESOP statements
census data and approved hours worked, vesting finalized & are generated
finalized & by Trustee. new hires/rehires, financial audit & mailed.
submitted to TPA. Dividends paid on complete.
prior yr. balances,
interest paid on
prior year cash.
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