Employee Stock Ownership Plan (ESOP)
Black & Veatch's Employee Stock Ownership Plan (ESOP) is part of the Retirement Program and provides eligible professionals with an ownership interest in Black & Veatch through company contributions. Through the ESOP, eligible professionals hold company stock in a trust fund and become employee-owners.
Black & Veatch is proud to be 100% employee-owned, with most professionals eligible to participate in employee ownership programs.
ESOP Eligibility and Contributions
| Requirement | Details |
|---|---|
| Enrollment Required | You are not required to enroll in the Retirement Program to receive an ESOP contribution. |
| Company Contributions | The company determines ESOP contribution amounts at its discretion. |
| Eligibility Requirement | To receive ESOP contributions, you must generally be paid for at least 1,000 hours during the calendar year and meet applicable plan requirements. |
| Contribution Format | Contributions may be made in company stock or cash. |
| Contribution Calculation | ESOP contributions are calculated as a percentage of eligible compensation, subject to applicable limits. |
Vesting Schedule
ESOP contributions vest over time based on years of service.
| Years of Service | Vested Percentage |
|---|---|
| Less than 2 | 0% |
| 2 | 20% |
| 3 | 40% |
| 4 | 60% |
| 5 | 80% |
| 6 or more | 100% |
Vesting Notes
| Item | Details |
|---|---|
| Additional Vesting Credit | After two years of service, vesting increases by 20% each year until fully vested. |
| Definition of a Year of Service | A calendar year in which you are credited with at least 1,000 hours of service. |
Diversification
Participants who meet eligibility requirements may transfer a portion of their BV Stock holdings to other investment options.
| Diversification Option | Details |
|---|---|
| Initial Diversification Opportunity | Up to 25% of BV Stock ownership may be diversified. |
| Eligibility | Available in the year you reach age 55 and have participated in the ESOP for 10 years. |
| Additional Opportunity | During the sixth plan year after becoming eligible, the diversification percentage increases from 25% to 50%. |
Payment of ESOP Contributions After Employment
| Distribution Feature | Details |
|---|---|
| Distribution Request | After employment ends, participants may request a distribution of vested holdings. |
| Payment Options | Payments may be made directly to you or rolled into another eligible tax-deferred retirement account. |
| BV Stock Distribution | BV Stock holdings are generally paid in annual installments if the total value exceeds specified plan thresholds. |
| Leave Assets in the Plan | You may be able to leave your money in the plan if your balance exceeds the applicable minimum balance requirement. |