Associated Building Supply Inc. forms an Employee Stock Ownership Plan (ESOP) fourth quarter 2023! After 30 Years of business success and industry leading growth, founded in 1993, CEO and owner Christopher Cole, with the assistance of executive staff establishes an ESOP!
Cole says; "An employee stock ownership plan (ESOP) is an employee benefit plan that gives employees ownership interest in the company in the form of shares of stock. We are excited knowing our employees now have ownership in the company as they have contributed whole heartedly and are an integral part of our success. It feels nice to give back."
When it comes to retirement plans offered by an employer, your first thought probably goes to 401(k)s. But if you happen to work for the right company, like ABSi, you may also be able to build your nest egg through an employee stock ownership plan (ESOP). In our particular case, which is very rare, ABSi offers eligible employees both a 401K plan and ESOP.
What makes ESOPs particularly attractive to employees is that you don’t have to contribute to the plan as you would with a 401(k) or IRA. Instead, the employer funds it. There’s no financial commitment from employees and nothing really for an employee to think about.