Every March, we celebrate our employees who reached milestones (5, 10, 15, and so forth) in their years of service within our family of companies. 344 employees reached milestones and were acknowledged totaling 2,810 years of service.
TOTAL YEARS OF
SERVICE FOR THOSE
WSC has been a proud employee-owned company since 2002 and 100% employee-owned since 2006. Through shared ownership, WSC’s ESOP helps promote a positive, unique organizational culture and supports company success. The ESOP is also designed to assist our employees with their retirement and provide them with a financial stake in the company. For our customers and partners, we are empowered to provide exceptional service and innovative solutions.
The ESOP enables employees to directly affect profitability and value and see the results. The ESOP has also allowed the company to protect jobs and support the communities we work in.
Only non-union employees who are at least 18 years of age, worked for the company for one year totaling at least 1,000 hours are eligible to enter the plan. Employees are automatically enrolled in the ESOP after meeting the qualifications on April 1 or October 1, following their 1-year anniversary date with the company.
Employee Ownership Committee
With new employees constantly joining the company, many new to an ESOP company, and others entering the plan, the Employee Ownership Committee provides ESOP educational training. They encourage divisions to host annual training conducted by committee members. WSC and committee members continue to support the ESOP community through donations to the Employee Ownership Foundation and with the development of a Central Iowa networking group. Committee members continue to participate in the Iowa/Nebraska Chapter of The ESOP Association events and conferences, and national conferences. WSC remains on the list as one of the largest employee-owned companies in the U.S., according to the National Center for Employee Ownership (NCEO) coming in at 26.
October was Employee Ownership Month, and the Employee Ownership Committee celebrated all month long. New in 2022, digital and printed bingo cards were distributed to engage and educate employees on all things employee ownership. The committee hosted a Golden Ticket Broadcast where more than 200 employee owners joined to learn more about the ESOP and Deferred Share Unit (DSU) plan. A DSU plan was established for Wright Canada Holdings, Ltd. (WCH) and its subsidiaries to provide similar benefits to our Canadian employees.
WSC offers a comprehensive 401(k) retirement savings plan with the same eligibility requirements and entry dates as the ESOP.
WSC has a Safe Harbor Match Program to the 401(k) offering, matching 100% of the first 3%, plus an additional 50% of the next 2% employees would contribute to their retirement savings. The matching funds are placed in the ESOP account. Meaning, employees should contribute at least 5% annually to receive the full company match. These company-matched contributions are 100% vested.
The Automatic Enrollment Program is an automatic 3% pre-tax 401(k) enrollment process for all eligible employees which increases contributions from salary pay by 1% each year until 10% is reached with an opt-out available. This was enacted to ensure employees were taking steps for their financial security in the future.
RETIRED IN 2022
YEARS OF SERVICE
FOR THE 23 RETIREES