Big G Express 401k plan matches 10% of your contribution up to 15% of your salary. For example: If you contribute $100, Big G would match $10. You are eligible to sign up for the 401k on the 1st of the month following your first 90 days.
“O” – “Vested”
Vested Balance – This is the amount of your Total ESOP Account which cannot be forfeited in
the event of your termination. It is derived by multiplying your vested percent by your ending
balance. Vested Percent is the nonforfeitable percentage of your account balance based on
your years of service and accrues as follows:
Vesting Service % Vested
Less than 3 years 0%
3 or more years 100%
“G” – “Eligible”
You are “eligible” to participate in the ESOP on July 1st or January 1st following your year anniversary. For example: If you are hired on 5/11/18, you would be eligible to participate in the ESOP on July 1, 2019.
Big G Express was founded in 1995 and we will be celebrating our 25 Year Anniversary next year!
“I” – “Allocation”
Eligible participants receive an annual “allocation” of shares (on December 31st). The allocation is based on compensation and years of service. Even though the allocation happens at the end of a plan year, we get our statements showing the allocation and stock price mid year – this year it is set for July 13th announcement and statements sent after that meeting.
“I” – “Trustee”
Big G Express ESOP “Trustee” is First Bankers Trust. The trustee is responsible for looking out for the best interest of all the participants in the plan. They also hire the valuaton firm to determine our stock value annually and make sure we are in compliance with all the rules and regulations! Here is a video we filmed (several years ago) of a representative from our trustee and valuation firm explaining their role in our ESOP!
Big G Express is not publicly traded, but privately held. Our stock is not sold in the stock exchange and we don’t see a different price daily based on the market (who is buying and selling stock). Our stock value is determined once a year by an independent valuation firm. They are determining the fair market value of Big G Express – or what a willing buyer would pay for our company.
“B” – “Annual Statement”
We receive an annual statement showing our stock price, number of shares in our “ESOP” account, and total value of our retirement benefit. The statement is “as of” the end of the prior year. We will receive our 2018 Statement in the mail after our July 13th meeting. If you come to the ESOP meeting on July 13th, we will be handing out statements there!
“Year of Service” is defined as a plan year (Jan 1 – Dec 31) in which you work 1,000 or more hours. Your share of the employer contribution made to the plan for the plan year is allocated prorata to all eligible plan participants based on allocation points. You will receive 1 point for each $200 of Plan Compensation plus 10 points for each Year of Service.
Bonus – “I” – “Stock”
The “S” in ESOP stands for “STOCK”! Employee Stock Ownership Plan.
Bonus – “N” – “100% Employee Owned”
Big G Express is 100% Employee Owned – 100% of the stock in Big G Express is owned by the ESOP Trust and stock is allocated to eligible participants each year.