BL Companies | 2022 Benefits Brochure

ESOP Fundamentals An ESOP is an employee retirement benefit plan through which all company employees have an opportunity to own company stock without having to pay for it. Each year, BL Companies can contribute cash to the ESOP. The ESOP in turn uses that cash to buy shares. Any extra cash accumulates in the ESOP. Once a year, the cash and shares are allocated among all employees who are eligible ESOP participants. The value of the shares is determined each year by an outside valuation firm. When an employee leaves BL Companies, they are entitled to the vested value of their account.

RETIREMENT PLANS

401(k) Plan administered by The Principal Group Employees are eligible to participate in the 401(k) plan immediately after receiving their first paycheck. Part-time employees have to put in 1000 hours of service over a 12-month consecutive period. There are funds from various asset classifications to choose from and an employee can contribute up to the maximum provided by IRS regulation before taxes. 401(k) Match BL Companies provides a 401(k) match. The 401(k) match is 100% on the first 3% and 50% on the next 2%.

“Our employee-owners have a stake in what we do and how we do it.”

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