ESOP
Bradsby Group is proud of the fact that we implemented an employee stock ownership plan (ESOP) in 2006.
Employees are automatically enrolled in the plan on the first entry date immediately following completion of one year of service (defined by the Plan as completion of 1,000 hours or service during the employee’s initial twelve-consecutive-month period of service with the company beginning on the date the employee first performs one hour of service). Entry dates are January 1 and July 1.
Because the ESOP is a qualified retirement plan, it is subject to a vesting schedule based upon years of service. The vesting schedule adopted by the Bradsby Group ESOP is:
| Years of Service | % Vested |
| Less than two years | 0 |
| Two Years | 20 |
| Three Years | 40 |
| Four Years | 60 |
| Five Years | 80 |
| Six Years | 100 |
Plan Year is defined as the calendar year (January 1 through December 31).
To be eligible for a Plan contribution, the participant must have completed 1,000 hours of service during the Plan year and still be employed by the company on the last day of the Plan Year (December 31).
Normal Retirement Date (NRD) is defined as “the date on which a participant attains age sixty-five (65) or the fifth (5th) anniversary of the date the participant commenced participation in the plan, whichever is later”.