Stewart’s Shops Distributes a $50M ESOP Dividend to Eligible Partners
Stewart’s News Release July 7, 2020- While many companies are facing financial hardships, Stewart’s Shops is proud to announce that eligible Partners recently received an additional dividend in their ESOP (Employee Stock Ownership Plan). This dividend is a true representation of Stewart’s stability and success as a company.
In early July, all eligible Partners received a dividend which totaled 4.5% of their 2019 ending ESOP balance. This $50M dividend is given to Partners for their hard work and dedication. Partners had the option to roll their dividend into their existing ESOP account or take a cash distribution. There are now 90 Stewart’s Partners with a balance exceeding $1,000,000.
This dividend was in addition to the contribution they received in April. Stewart’s employees are called Partners, and they really are, since they own over 40 percent of the company through their ESOP, which is 100 percent funded by the company for anyone working at least 1000 hours a year. After six years in the plan, a Partner’s balance is usually greater than a year’s pay. In April, our Partners received 17.5% of their 2019 gross pay into their ESOP.
Stewart’s Shops President, Gary Dake said, “Even in these times, we have stayed the course; outside of our hardworking Partners, our stability has been our largest asset. Our ESOP is the best way to reward our Partners for their commitment and hard work which have been imperative to our stability and long term success.”
In addition to the ESOP benefits, Partners also receive paid maternity leave, half-priced YMCA fitness, and daycare memberships, as well as “Make Your Own” Scholarships which have provided over $5.5 million in academic scholarships for the dependents of Stewart’s employees.
Stewart’s Shops currently has positions available at its shops, plant, and corporate office. Visit their careers page at stewartsshops.com
Posted: July 7th, 2020 under Business News, Northern NY News.
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