Grow Your Wealth With Nosco
In August of 2007, an important milestone in Holden’s history was announced: the opportunity for all employees to acquire beneficial ownership in the company. Later that year, the company provided all eligible employees the opportunity to invest funds from their existing qualified retirement accounts to form the ESOP. As a result, over 600 eligible employees made an election to invest, including employees from Nosco.
How does an ESOP work?
All ESOP assets (stock) are held in a trust. This is a legal entity that holds the shares of stock on behalf of employee owners. The trust has individual accounts for each employee owner’s benefit. Holding the shares in a trust ensures the value of the shares remains non-taxable until the employee owner retires or otherwise ends their employment with the company. The value of the stock is determined annually and is based on company performance, among other factors. Daily employee contributions to the company are directly related to the value of the stock price!
How do employees obtain beneficial ownership?
Today, employee owners may obtain beneficial ownership in the ESOP through:
- Annual Employer Profit Sharing
- Occasional Buy-In Opportunities
Offerings like these continue the company’s philosophy of keeping the ownership and control of Holden’s future in the hands of its employees.
