Locke Supply Co. Benefits!
Locke Supply attempts to provide Associates with valuable benefits, which will enhance their direct compensation. Many of those benefits are discussed below.
GROUP HEALTH, DENTAL AND VISION
Locke Supply provides full time Associates, whether salaried or hourly, with health and dental coverage at a minimal cost. Eligible dependents may be covered at the Associate's expense and this cost will be deducted from the Associate's payroll check.
RETIREMENT PLAN 401(K)
This plan allows eligible Associates to save a portion of their annual pre-tax compensation for retirement.
Full time Associates are eligible for company paid holidays if they have been employed by the Company for 90 days prior to the holiday. Locke Supply generally observes the major holidays.
Full Time Associates who have worked for the Company for 90 days or more may purchase merchandise at attractive prices for their own personal home use only.
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 plan, are entitled to participate in the long/short - term disability plan.
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 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 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 and find that an ESOP is the best choice.