Employee Stock Ownership Plan
An Employee Stock Ownership Plan allows employees to become beneficiary owners of the stock in their company. ESOP’s are defined contribution plans that primarily invest in employer stock and are governed by the Employee Retirement Income Security Act (ERISA). The intent is to provide ownership and retirement assets for employees.
Being part of an ESOP company can provide unique rewards for employees. Participants can receive significant retirement benefits at no monetary cost to them. In fact, research shows ESOP companies are more productive, faster growing, more profitable, and have lower turnover. In addition, an ESOP is a great way to enhance the company’s ability to recruit and retain top talent.
Curt, Jeff, and Jim wanted to ensure Pittsburgh Air Systems–Air Industrial continued after their retirements. By creating an ESOP instead of selling to an outsider, the employees of Pittsburgh Air Systems–Air Industrial became the beneficiaries of the Company’s success.
“Employee Owned & Service Driven”
At Pittsburgh Air Systems we believe success is about exceptional service, and service means people. It’s about relationships that we build with each other, customers, manufacturers, and the community.