CAFETERIA PLAN
The Company has a voluntary employee benefit plan where Associates can elect to pay for certain benefits with pretax dollars.

HOLIDAYS
Full time associates are eligible for Company paid holidays if they have been employed by the Company for 90 days prior to a holiday. Locke Supply generally observes the major holidays.

RETIREMENT PLAN 401(K)
This plan allows eligible Associates to save a portion of their annual pre-tax compensation for retirement. The company also does a 50% match of what the associate puts in up to 4% of their wages.

LONG /SHORT-TERM DISABILITY
All Associates of Locke Supply, whether salaried or hourly, who have elected coverage under the Company’s group health and dental insurance plans, are entitled to participate in the long/short-term disability plan.

GROUP HEALTH AND DENTAL COVERAGE
Locke Supply provides full time Associates, whether salaried or hourly, with health and dental care coverage at a minimal cost to the Associate. Eligible dependents may be covered at the Associate’s expense and this cost will be deducted from Associate’s payroll check.

LIFE INSURANCE
All full time Associates who are enrolled in the group health and dental insurance plans are also eligible for group life insurance. The Company pays the entire premium.

EMPLOYEE OWNERSHIP "ESOP"
WHAT IS AN ESOP?
An ESOP (Employee Stock Ownership Plan) is an employee benefit plan which makes the employees of a company beneficial owners of stock in that company. Several features make ESOPs unique as compared to other employee benefit plans. First, only an ESOP is required by law to invest primarily in the securities of the sponsoring employer. Second, an ESOP is unique among qualified employee benefit plans in its ability to borrow money. As a result, a ‘leveraged ESOP’ may be used as a technique of corporate finance.
EMPLOYEE BENEFIT OR INCENTIVE
Companies hope that by making employees owners they will increase their dedication to the firm, improve work effort, reduce turnover, and generally bring a more harmonious atmosphere to the company. Research has shown that giving workers a significant stake in their companies can improve employees’ attitudes towards their companies, and that these improved attitudes towards their companies can translate into bottom line improvements. Other companies want to set up some kind of benefit plans and find that an ESOP is the best choice.

DID YOU KNOW?...
ESOP companies are more likely to continue operating as independent companies

Research shows ESOP companies pay better benefits

Research shows ESOP companies have twice the retirement income

Research shows ESOP companies pay higher wages

There are over 10,000 ESOPs in the US, covering 8 million employees