In 2010, IDR became an employee-owned organization. This means that employees of IDR have the ability to earn shares of company stock just by being an employee. After the employee leaves, those shares will be purchased back from the employee, and the money received is eligible to be transferred into Pre-Tax retirement accounts like IRA’s or a 401k without a penalty, since the ESOP is a tax-qualified employee benefit program regulated by United States law. These shares cannot be purchased by employees or outside investors and they cannot be given to anyone who is not an employee of IDR.
So how do you become eligible? You will become a participant in the plan on the date you complete 12 months of employment during which you work at least 1,000 hours. In other words, you are eligible to start earning shares after one year of employment (as long as you work 1,000 or more hours during that plan year), and you will be fully vested in the plan at three years of employment. Shares are given out once per year, and you must be an employee on December 31 of that year in order to receive your portion. Once fully vested, the shares you’ve acquired will be locked in and paid out to you according to the plan terms.
*Informational webinars are hosted by our Senior Financial Manager and ESOP Specialist, Ashley Holahan. Upcoming webinar invitations are sent via email. Please let your Engagement Manager know if you are interested in a private webinar!*