The Hawaii Employee Stock Ownership Plan (ESOP) of Franklin Savings Bank is a retirement benefit program designed to provide eligible employees with an opportunity to become shareholders in the bank. This comprehensive plan allows employees to accumulate shares of the bank's stock over time, thereby giving them a vested interest in the bank's performance and success. The ESOP is a valuable tool that promotes employee engagement, loyalty, and a sense of ownership. One of the main advantages of the Hawaii ESOP is that it offers participants a tax-advantaged way to save for retirement. Contributions to the ESOP are made on a pre-tax basis, which means that employees can lower their current taxable income while building an investment portfolio. Additionally, any gains generated by the ESOP investments are tax-deferred until employees withdraw their funds at retirement. This aspect of the plan ensures that employees can potentially maximize their savings over the long term. Franklin Savings Bank provides various types of Hawaii Employee Stock Ownership Plans to cater to different needs and preferences. These options include: 1. Traditional ESOP: This is the most common type of ESOP. It allows employees to invest in the bank's stock gradually over time through their contributions and employer-matching contributions. Participants may become fully vested in their shares after a certain length of employment, ensuring a strong link between their loyalty to the bank and their retirement benefits. 2. ESOP Plus: This plan combines the features of a traditional ESOP with additional benefits. In addition to purchasing company stock, employees can also diversify their investments by choosing from a selection of mutual funds or other investment options offered within the plan. This flexibility allows participants to create a more personalized investment strategy based on their risk tolerance and financial goals. 3. ESOP Rollover: This option is available for employees who have previously contributed to an ESOP at another company. It allows them to transfer their vested ESOP assets to Franklin Savings Bank's ESOP. By doing so, employees can consolidate their retirement savings under one plan and continue to enjoy the benefits of ESOP ownership in their new workplace. Franklin Savings Bank is committed to providing education and support to its employees regarding the Hawaii ESOP. This includes regular communication on plan updates, investment performance, and comprehensive financial planning resources. The bank aims to empower its employees to make informed decisions about their retirement savings and take advantage of the long-term benefits that ESOP ownership can provide. In summary, the Hawaii Employee Stock Ownership Plan of Franklin Savings Bank offers employees an opportunity to save for retirement while becoming shareholders of the bank. With multiple plan options, tax advantages, and ongoing support, the bank ensures that its employees can build a secure financial future while actively participating in the success of the institution.
Hawaii Employee Stock Ownership Plan of Franklin Savings Bank - Detailed
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