100% ESOPAbout Our Employee Stock Ownership Plan
100% ESOP Information
Martell Services Group is 100% owned by its employees; this means that every employee-owner has a vested interest in the success of each project. To help educate our current and prospective employee-owners about the ESOP, this page answers some frequently asked questions. If you have any questions that are not shown below, please contact us and we will be more than happy to provide you with an answer.
ESOP Frequently Asked Questions
Q: What is an ESOP?
A: An ESOP is an Employee Stock Ownership Plan. It allows every eligible employee to be a shareholder. This means your work directly impacts not only the company’s bottom line, but also your own personal wealth. This helps keep all employee-owners aligned with the same goals and mission — while sharing in the same rewards.
Q: What are the eligibility requirements?
A: To be eligible to participate in our ESOP, you must be at least 21 years old, employed by Martell Services Group, not covered by a collective bargaining agreement, and have worked your first 1,000 hours.
Q: When am I “vested,” and what does that mean?
A: Once you meet the eligibility requirements, you will be enrolled in the ESOP. You are fully vested after five years of service (1,000 hours in a calendar year). Being fully vested means that any allocation that has been placed into your account is now legally yours and cannot be forfeited. Should you decide to leave before you are vested, your shares are forfeited back into the plan and you have no remaining interest in the plan.
Q: How is stock allocated?
A: The percentage of stock an employee receives is based on compensation. Your allocation is determined by applying your percentage of eligible compensation to the total amount of stock to be allocated.
Q: How do I know how much my account is worth?
A: Every year, the value of an employee’s ESOP account changes based on the amount contributed by the company and value of the company stocks. The better the company does, the more its employees’ individual ESOP accounts will grow.
At the end of the plan year, you receive an annual statement that shows the number of shares of company stock allocated to your account and the value of those shares as of the previous December 31st.
Q: When do I receive my benefits?
A: As an active employee, you must wait until you have reached retirement age (59-1/2) and have attained 13 years of service before you can begin to make withdrawals from your ESOP account.
If you are vested and you terminate your employment for any reason other than reaching retirement age, death or disability, you will receive up to $5,000 in the year following your termination once the plan administration is complete for the year. Your remaining account balance will not be eligible for distribution until you have been gone for five full plan years.
If you terminate employment due to reaching retirement age, death or disability, you will receive 100% of your account balance in the year following your termination once the plan administration is complete for the year.
A distribution form will be provided to you when you are eligible for your distribution once the plan administration is completed. Distributions are made in a lump-sum payment and paid either directly to you or rolled over into another qualified plan or individual retirement account (IRA) as directed by you.
