Lewis Tree Service, a 100% employee-owned company, offers a unique retirement benefit plan called an Employee Stock Ownership Plan (ESOP). This plan allows eligible employees to earn shares of company stock, essentially becoming part-owners and sharing in the company’s success.
Understanding the Lewis Tree Service ESOP
Unlike traditional 401(k) plans where employees invest their own money, Lewis Tree Service purchases company shares for its employees through the ESOP. There is no cost to the employee; ownership is earned through their work. The value of these shares is directly tied to the company’s performance, incentivizing employees to contribute to its growth. While Lewis Tree Service offers a 401(k) SMART plan, they further enhance the ESOP by matching employee 401(k) contributions up to 5% with additional ESOP shares.
ESOP Eligibility and Share Allocation at Lewis Tree Service
Non-union employees at Lewis Tree Service become eligible for the ESOP after working 950 hours, typically achieved within six months of full-time employment. Eligibility begins at age 21. Each year, eligible employees receive an annual allocation of shares at no cost. This reinforces the principle that employees invest their labor to earn equity in the company.
Growing Your Share Value at Lewis Tree Service
As a 100% ESOP company, Lewis Tree Service encourages every employee to act like an owner. This includes finding ways to boost revenue, reduce expenses, and deliver exceptional value to customers and communities. Daily actions, such as efficient resource management, accurate timekeeping, effective communication, and adherence to safety protocols, directly impact the company’s performance and, consequently, the value of the ESOP shares. Participating in the 401(k) SMART plan allows employees to further increase their ownership stake through the company match.
Conclusion
The ESOP at Lewis Tree Service provides a powerful way for employees to share in the company’s success and build a secure financial future. By fostering a culture of ownership and rewarding employees for their contributions, Lewis Tree Service ensures a shared commitment to growth and long-term prosperity.
