Employee Stock Ownership Plan
Our Employee Stock Ownership Plan (ESOP) benefits you in a number of important ways
Provided at no cost
Unlike our 401k plan, the ESOP is provided at no cost to you. You don’t have to contribute anything from your check to participate in it. The longer you work wth Long Haul, the more ESOP stock you can earn. Long Haul puts the shares into your ESOP account at no out of pocket cost to you!
Receive annual ESOP allocation
As an ESOP participant, you will receive an annual allocation to your ESOP account.
Eligibility is simple: You need to work at least 1000 hours per year and be an employee on December 31st. Participation begins on January 1st or July 1st, following your one year anniversary.
The amount of stock you receive is based on three things:
- The amount the company contributes
- Your W-2 earnings
- The number of years you’ve been with Long Haul
Company performance determines the annual contribution. The better we do serving customers, controlling expenses and growing sales, the more profitable Long Haul becomes. Higher profits can lead to larger contributions. The opposite is also true. If we perform poorly, we may not have the funds to make an ESOP contribution for that year. To get the most out of our ESOP, it is critical we all work together to make our business successful.
What you receive is determined by a point system. You will receive points based on your W-2 earnings and points for the number of years you’ve been with Long Haul.
What’s in it for all of us working together to make Long Haul Trucking successful. The bottom line: Business performance determines company stock value and the value of your ESOP account. The better you do, the better we all do!