Becoming an owner of The Burnett Companies “Company” does not cost you anything.
You become eligible to participate in the ESOP after you have worked 1,000 hours in a calendar year. To be eligible to receive stock, you must work 1,000 or more hours in a plan year and be employed at the end of the plan year.
For our staffing employees, you are considered “employed” at the end of the plan year as long as you work at least one hour in the last quarter of the year (October 1st through December 31st).” Note: If you accept a “permanent” job or are terminated after October 1st, but you have worked 1,000 hours already, you would still credit for a year of participation in the plan.
Participating employees in the ESOP receive an annual statement of their accounts. This statement is mailed in June or July of each year. All employees become vested in their stock after being in the plan for six consecutive years, meeting the criteria listed above each year.