An Employee Stock Ownership Plan or ESOP is a way for employees to become part owners in the company they work for. Each year our employee owners receive shares of MSI stock in their ESOP account, based on their compensation and length of company service. The 401(k) match is also given in the form of shares of MSI stock. The benefit each employee ultimately receives from the ESOP depends both on the company's success and on each employee's length of employment with MSI. Our four year vesting schedule is designed to reward long-term company employment.
MSI believes those who contribute their energies to the company should benefit directly from its success. Our "employee ownership plan" is designed to:
The ESOP creates a direct link between company interests and employee interests. To support our employee owners making the right decisions, MSI practices "open books management". This practice is used to inform and educate our employees about the company's financial status, the impact of their performance, and our future plans. Our consensus-seeking culture encourages open discussions of questions and issues facing our employees and the company. Our management team is always available to our employees if they need assistance with any issue.
ITS FREE! Unlike many of the ESOP's you may be familiar with, at Miklos the ESOP has no direct cost to the employee and all MSI employees are eligible to participate. This allows everyone to share in the growth of our company, to gain a beneficial interest in the stock of our company, and to accumulate funds for retirement.
So you may be thinking "that sounds great, but does anyone actually like being a member of an ESOP?" Read what some current employees had to say:
We note that our plan is a tax qualified benefit plan and any growth in its value is tax-deferred until retirement.
For more information please visit the ESOP Association's website