ESOP Distribution Makes a Difference for A Truck Driver's Wife
ESOP distributions have grown over the years as employees have been part of the plan longer and our stock prices have increased. We have some significant ESOP balances being distributed at retirements – some over $100,000. We have shared a few stories of retired drivers who received their ESOP distributions, and we would like to share a story of a beneficiary who received her spouse’s ESOP distribution in a lump sum at the end of 2018.
We lost a dear friend and dedicated driver for Big G in November of 2017, and Mr. Booker’s wife and beneficiary, Paula, received his ESOP distribution at the end of 2018 (in a lump sum). She called in with tears of joy and relief when she received the distribution form and realized she would be getting over $68,000. After years of treatments, lost time at work and medical bills piling high, Paula struggled to stay ahead with one income this past year. The ESOP distribution allowed her to pay the four payments she was behind on her mortgage as well as replace her damaged roof with a metal roof. We introduced her to our financial advisor, Melissa Chipman, who helped Paula set up an IRA account to put half the distribution in for her future retirement. Ms. Paula now has money in savings for emergencies and is taking a cruise this spring with her daughter and a friend. Paula and Steve would have celebrated their 30 year wedding anniversary last year and had planned to take a cruise together. He made her promise she would do something for herself with the ESOP money after she took care of necessities and put money aside for her retirement. Paula says the ESOP was a true blessing and believes that God used the ESOP to bless her and her family. She is thankful for the lessons she has learned in this process and happy to share their experience with others to help them prepare for their future and retirement.
The Employee Stock Ownership Plan (ESOP) provides an opportunity for Big G Employees to save for their retirement without any money out of their pocket (or paycheck). Employees earn shares each year based on their compensation and years of service. We look forward to the future of our ESOP and seeing the difference it makes in the lives of our dedicated employees and their families!