Stewart’s Shops is making a $10.5 million contribution to its Employee Stock Ownership Plan (ESOP), an increase of $500,000 over last year. This company contribution equals approximately 15 percent of a Stewart’s employee’s pay in 2016.
Employees own nearly 40 percent of the company through the ESOP, which is funded 100 percent by the company.
In addition to the contribution, employees are expected to see double-digit growth on their existing ESOP account balance due to an increase in the company’s value. Participants have seen a portion of that growth by receiving two dividends in 2016, totaling about 6 percent of their beginning balance, the company said.