BASDEN STEEL IS
100%
EMPLOYEE-OWNED
What does it mean to be Employee-Owned?
As part of our Employee Stock Ownership Plan (ESOP), Basden Steel employees receive company shares that are earned over time, making them part owners. This unique program not only shares ownership and profits, but also provides a qualified retirement plan for each employee without requiring any financial contribution on their part.
What does it mean to be Employee-Owned?
As part of our Employee Stock Ownership Plan (ESOP), Basden Steel employees receive company shares that are earned over time, making them part owners. This unique program not only shares ownership and profits, but also provides a qualified retirement plan for each employee without requiring any financial contribution on their part.
What are the benefits of Employee-Ownership?
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One major advantage over traditional retirement for employees is that with an ESOP, they do not contribute their own funds toward the retirement plan. This provides employees with the ability to grow their retirement fund without taking any money from their paycheck each month.
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During a troubling economy, employees at private and publicly held companies experience much higher rates of layoffs compared to employees of an ESOP. Employee-owners are 4x less likely to be laid off in a recession.
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A private owner selling their company to an ESOP enables the company to go through less turmoil during the transition as compared to the process of selling to a third-party. Ensures company culture doesn’t change, no relocation or termination of jobs, etc.
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The most obvious benefits of ESOPs are the loyalty, commitment and satisfaction employees feel. With an ESOP, you have the ability to protect Basden’s stock value and benefit yourself with the excellent work and decisions you make on a daily basis.
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As employees accumulate seniority with the company, they acquire an increasing right to the shares in their account, a process known as vesting. In other words, you benefit from simply working and staying with Basden long-term. Your hard-work and loyalty doesn’t go unnoticed.
What are the benefits of Employee-Ownership?
-
One major advantage over traditional retirement for employees is that with an ESOP, they do not contribute their own funds toward the retirement plan. This provides employees with the ability to grow their retirement fund without taking any money from their paycheck each month.
-
During a troubling economy, employees at private and publicly held companies experience much higher rates of layoffs compared to employees of an ESOP. Employee-owners are 4x less likely to be laid off in a recession.
-
A private owner selling their company to an ESOP enables the company to go through less turmoil during the transition as compared to the process of selling to a third-party. Ensures company culture doesn’t change, no relocation or termination of jobs, etc.
-
The most obvious benefits of ESOPs are the loyalty, commitment and satisfaction employees feel. WIth an ESOP, you have the ability to protect Basden’s stock value and benet yourself with the excellent work and decisions you make on a daily basis.
-
As employees accumulate seniority with the company, they acquire an increasing right to the shares in their account, a process known as vesting. In other words, you benefit from simply working and staying with Basden long-term. Your hard-work and loyalty doesn’t go unnoticed.
Ready to make your mark?
FAQs
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Only three conditions must be met:
Must be employed for 12 consecutive months
Must have worked a minimum of 1,000 hours
Must be 21 years of age or older
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Vesting in an ESOP (Employee Stock Ownership Plan) means that an employee gradually gains ownership of the company's stock over time. So, the longer you stay with the company, the more of your ESOP shares become fully yours.
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The shares you earn as an employee owner are vested on a six-year schedule. Any shares that you are vested in will never be forfeited. The value of your vested shares can be taken with you if you leave per certain timing rules.
Years of Service | % Vested
Under 2 years | 0% vested
2 years | 20% vested
3 years | 40% vested
4 years | 60% vested
5 years | 80% vested
6 years | 100% vestedOnce you reach 6 years of service, you are now fully vested and entitled to 100% of your shares. Special circumstances where you become fully vested include if you reach normal retirement (the later of age 65 and 3 years in the plan), or in the case of disability or death you become fully vested.
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Economy:
With increased retirement savings, the employee-centric mentality of ESOP companies lead to higher wages, increased job security, and greater financial literacy for employee-owners, creating a wealth distribution benefitting local economies. Additionally, ESOP’s help prevent job outsourcing by keeping American business in the U.SCommunity:
ESOPs provide assurance that a business stays in its current location, preserving jobs within our community. By not selling the company to an external party, we prevent potential layoffs or the relocation of jobs to other places. Furthermore, this benefits other local businesses that depend on the company for their services, such as event catering, product suppliers, travel services, and more, as they don't lose one of their most significant clients.Company:
The tax benefits that a company enjoys as an ESOP enable it to grow, hire more employees, and expand. This, in turn, leads to improved employee performance because they are more committed and have a sense of ownership in the company they work for, ultimately contributing to the company's greater success.Employee:
One significant advantage of ESOPs compared to traditional retirement plans is that employees don't need to contribute their own money to the retirement fund. This allows them to build their retirement savings without deductions from their monthly paychecks. Additionally, ESOPs oer added benefits such as enhanced job security, consistent administrative support, recognition for seniority, and an overall sense of satisfaction in being owners of the work they dedicate themselves to every day.
Download our ESOP Information Packet
LEARN
BUILD
GROW
REPEAT
Our greatest asset is our people. That’s why we prioritize investments in their growth and success. Through comprehensive training programs and ongoing support, we equip our team members with the skills and knowledge needed to excel in their roles and pursue their career goals.
Every day, Basden Steel contributes to the advancement of infrastructure and communities. We're seeking individuals who share our commitment to hard work, safety, and excellence to join our team of professionals. When you choose Basden Steel, you'll take on rewarding challenges and witness the impact of your contributions firsthand.
If you're dedicated to excellence and eager to make a difference, join us. Let’s forge a better future, together.
LEARN
BUILD
GROW
REPEAT
Our greatest asset is our people. That’s why we prioritize investments in their growth and success. Through comprehensive training programs and ongoing support, we equip our team members with the skills and knowledge needed to excel in their roles and pursue their career goals.
Every day, Basden Steel contributes to the advancement of infrastructure and communities. We're seeking individuals who share our commitment to hard work, safety, and excellence to join our team of professionals. When you choose Basden Steel, you'll take on rewarding challenges and witness the impact of your contributions firsthand.
If you're dedicated to excellence and eager to make a difference, join us. Let’s forge a better future, together.
Owning our future, building yours.
In addition to employee ownership, Basden Steel offers health, dental, vision, PTO, basic life insurance, and HSA contribution match. Apply today!
Owning our future, building yours.
In addition to employee ownership, Basden Steel offers health, dental, vision, PTO, basic life insurance, and HSA contribution match. Apply today!