When am I eligible?
You may be eligible for benefits if you have completed the applicable waiting periods and work
30 or more hours per week.
- You must be 21 or older to participate and have completed 1,000 hours within one year (12 months) of service.
- Enrollment occurs on either November 1 or May 1, whichever date occurs first after you reach eligibility.
- Active employees participating in the ESOP have a “Company Stock Account.” On the lastday of each fiscal year, this account is credited
1)Your share of the company stock released from escrow;
2)Your share of forfeited stock from the Company Stock Accounts of other participants;
3)Your share of company stock purchased by the Trustee or contributed by the company; and
4)Any dividends on shares of company stock that have been allocated to your Company
- The company may make contributions to the ESOP every year. These contributions will be used to pay down a stock acquisition loan to release shares from escrow or to acquire new shares. Participants generally must be employed on October 31 and work 1,000 hours to receive a portion of the contribution.
- You become 100% vested in the ESOP once you have completed five (5) years of service. A year of service is defined as working at least 1,000 hours between November 1 and October 31 of the given year. Prior to completing five (5) years of vesting service, you do not have a vested benefit in the Plan.
- If your employment with the company is terminated prior to your turning 65 for any reason other than death or disability, you will have a non-forfeitable (vested) right to receive the portion of the balance credited to your Company Stock Account if you have completed five years of service.
- If your employment is terminated after age 65, or is due to death or disability (as defined in the ESOP), you will be made 100% vested in your balance regardless of your years of service.
- The value of Carylon stock is determined by an independent appraiser every year. Your work efforts help to improve the value of the stock and hence the value of your ESOP benefit.
Note: *The ESOP Plan is not available to employees who are members of a labor union with which the
company has negotiated in good faith concerning retirement benefits, unless the labor contract makes the
ESOP Plan applicable to those employees.
Enrolling in the ESOP
Enrollment happens automatically upon eligibility. All you have to do is complete this beneficiary form.