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What is an ESOP? Employee Stock Ownership Plan

An ESOP is a retirement plan under ERISA laws and is similar to a 401K plan. It is designed to help provide you with a retirement income.

Becoming an owner of Choice Specialists and Burnett Specialists does not cost you anything.

You become eligible to participate in the ESOP after you have worked 1,000 in your anniversary year, which is 12 months from your first day of work or any anniversary year after that. To be eligible to receive stock, you must work 1,000 or more hours in a plan year and are employed at the end of the plan year.

For our staffing employees, when you are on an assignment after October 1st, you are assumed to be employed at the end of the plan year, which is the last Saturday in December unless you have accepted a permanent position or you are terminated from our company.

All employees become vested in their stock after they have been in the plan for three years, meeting the same criteria listed above each year. Participating employees in the ESOP receive an annual statement of their account. The ESOP statement is mailed in June or July of each year.

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Are you a Burnett Employee who would like to view the Summary Plan Description of the plan and your account?

 click here
The “Summary Plan Description” provides information about the Plan and the distribution of the value of your vested shares upon your termination or resignation from the company.