“Welcome to the G.J. Hopkins Family”
At G.J. Hopkins, we encourage our employees to promote and work for the success of the company by providing them with an economic stake (shares) in the company. This plan is called an Employee Stock Ownership Plan (ESOP).
In short, employees accumulate stock in the company, at no cost to the employee. This program serves a two-pronged purpose:
- Our employee-ownership program creates a rewarding retirement benefit for our employees.
- Our employee-ownership program provides a means to continue the company for future generations.
Distinction between an ESOP and a Typical 401(k)
The ESOP plan is entirely funded by G.J. Hopkins, Inc.. Employees do not, and in fact cannot, make contributions.
Meanwhile, a typical 401(k) plan is funded by employees through payroll deductions, and matched by company funding.
As of December 31, 2011 the market balance is about $10.5M of assets in the 401(k)!