Southland Concrete is an employee owned company. Every employee over (21) years of age and with (1) year of service is eligible to participate. This is an Employee Stock Ownership Plan (ESOP). The Company is in the process of paying off loans until we, the employees, fully own the company outright. Every employee who is eligible has an account set up in his/her name and as the loans get paid down and the company grows and gains value your account gains value. Each year the value of the company is determined and stock is distributed amongst all the participants based on your yearly income. If you currently qualify as a participant you receive a statement each year, typically in the fall showing shares you own and the share value.

The ESOP is a government regulated retirement plan therefore this is not like a regular bank account where you can take out your money whenever you want. There are provisions in the ESOP plan as to when you get your money but for the most part it is only when you retire. If you leave the company you are entitled to the value in your account but again there are plan provisions as to when and how you get your money. For more information or a more specific explanation of the details please get with HR at the office and we would be more than happy to help you with your questions.

The bottom line is nothing comes out of your pocket ever, only into to your pocket in the future. Every employee has an interest in the success of the company. Our success starts with teamwork, quality, safety, customer relationships, customer service and customer satisfaction which all will contribute to the growth of the E.S.O.P. By continuing to work together and we will all reap the benefits and enjoy a financially secure retirement income.

 If you have any questions please stop by the office and we will be glad to help you.

For further information on ESOPs and how they work please go to the ESOP website at www.esopassociation.org.