The Hawaii Supplemental Employee Stock Ownership Plan (ESOP) of SIX Corporations is a comprehensive retirement benefits program specifically designed to reward and retain employees in Hawaii. This plan is an additional offering in addition to the core ESOP provided by SIX Corporations. The Hawaii Supplemental ESOP is a tax-advantaged retirement savings plan that allows eligible employees to acquire ownership in SIX Corporations through the allocation of company stock. It is intended to supplement the existing ESOP by providing enhanced benefits for employees in Hawaii. Key features of the Hawaii Supplemental ESOP include: 1. Eligibility: The plan is available to eligible employees based in Hawaii who meet certain criteria, such as hours worked and length of service. 2. Stock Allocation: Participating employees have the opportunity to receive an allocation of company stock on an annual basis. The allocation is determined based on factors like the employee's compensation and tenure with the company. 3. Vesting: The plan ensures that employees gradually vest in their shares of company stock over a defined period. This incentivizes long-term commitment and loyalty to SIX Corporations. 4. Tax Benefits: The Hawaii Supplemental ESOP offers significant tax advantages to participants. Contributions made by employees are typically deductible from their taxable income, reducing the overall tax burden. Additionally, dividends on allocated shares may be tax-deductible for the company. 5. Diversification Options: The plan may provide participants with various options to diversify their ESOP holdings. This enables employees to manage risk and potentially invest in other assets outside the SIX Corporation stock. 6. Retirement Benefits: Upon reaching retirement age or meeting specific conditions, employees can sell their allocated shares back to SIX Corporations at fair market value. This provides a valuable source of retirement income and financial security. It's important to note that the Hawaii Supplemental ESOP is specific to SIX Corporations and tailored specifically to meet the needs of employees based in Hawaii. The plan may have different variations or tiers based on factors like job level or years of service, but the key principles and benefits remain as described above. Overall, the Hawaii Supplemental Employee Stock Ownership Plan of SIX Corporations is a valuable retirement benefit that fosters employee ownership, long-term commitment, and financial security for eligible employees in Hawaii.
Hawaii Supplemental Employee Stock Ownership Plan of SPX Corporation
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SPX's headquarters relocated to Charlotte, North Carolina, in 2002. In 2012, SPX president Charles E Johnson II sold its Service Solutions business for approximately 1.15 billion dollars to Robert Bosch GmbH. In 2015, SPX Flow was founded, a spin-off from its parent company.
While ESOPs offer tax benefits and can boost employee morale, there are downsides to keep in mind. These programs can be expensive and potentially lower the value of your business, which could impact your long-term exit strategy.
Stock options allow employees to buy a piece of your company at a discount in exchange for their dedication and commitment. As a small business, you can consider offering stock options as a great way to compensate employees and help build a hardworking and innovative staff.
An ESOP is an employee benefit plan that enables employees to own part or all of the company they work for. at fair market value (unless there's a public market for the shares). So, the employee receives the value of his or her shares from the trust, usually in the form of cash.
After the employee terminates, the company can make the distribution in shares, cash, or some of both. Cash is paid to the employee directly. Often, company shares are immediately repurchased by the ESOP, and the employee receives cash equivalent to fair market value as determined by the most recent annual valuation.
ESOP participants don't invest their own money. Rather, their shares of company stock are earned over time. After an ESOP trust is established, the company uses funds that would typically go toward income tax liabilities to pay the selling owner for the shares sold to the ESOP.
Top 10 Owners of SPX Technologies Inc StockholderStakeTotal value ($)BlackRock Fund Advisors14.58%541,227,949The Vanguard Group, Inc.10.63%394,341,893T. Rowe Price Investment Manageme...7.12%264,352,117SSgA Funds Management, Inc.3.62%134,392,5406 more rows
The company markets its products through independent manufacturing representatives, third-party distributors, and retailers, as well as direct to customers. The company was formerly known as SPX Corporation and changed its name to SPX Technologies, Inc. in August 2022.
