An Employee Stock Ownership Plan is a type of government qualified retirement plan designed to make the qualified employees of a company owners of stock in that company. The stock is put into each employees account at no cost to them. At an employee's time of retirement or separation from the company, the stock is converted to cash and paid out according to the plan guidelines. An ESOP is highly regulated and must conform to the requirements of the Internal Revenue Code and ERISA.
ESOP's are a way that employers and employees alike can share in the benefits of ownership. Employers set up ESOP's for a variety of reasons. These reasons include but are not limited to: the need to plan for the continuation of the business, to provide a way to save for retirement and to promote longevity by rewarding employees for their years of dedicated service.
This is a four year program that teaches the trade of mechanical insulation through a mix of classroom learning and on the job training. This program is NYS approved and run in conjunction with Associated Builders and Contractors (ABC). New apprentices are chosen every year.