Stewart's Shops Increases Contribution to Its ESOP
SARATOGA SPRINGS, N.Y. — Stewart's Shops Corp. is boosting its contribution to the company's employee stock ownership plan (ESOP) to $13.3 million, reported the Glen Falls Post-Star. This marks an increase of $4 million over last year.
Through the ESOP, Stewart's employees own approximately 40 percent of the Saratoga Springs-based convenience store chain. Currently, there are 2,400 active participants in the plan.
The ESOP contribution is available to any employees — referred to by the retailer as "partners" — who work 1,000 hours a year. Employees are partially vested in their balance until they reach 100 percent in six years. After six years in the plan, the balance should be approximately one year's pay.
Stewart's Shops operates 333 convenience stores in upstate New York and Vermont.