The inside story on ESOP: What is it and how does it benefit employees?

QUICK FORM

COVID-19 RESPONSE
X

ONLINE DRIVER EDUCATION INFORMATION & PRECAUTIONS

J&R Schugel is now offering Web2Road e-learning platform for your on-boarding needs. Drivers have the ability to complete orientation or certification class from the comfort of their own homes. This is just one more effort J&R Schugel has implemented in hopes to reduce the spread of Coronavirus.

It will still be necessary for drivers to come to a terminal location for road tests as well as physicals and drug screens, if they have not been completed beforehand. With this in mind, we wanted to remind you of the following protective procedures we have implemented at our facilities:

  • Installation of sanitizer stations
  • Increased disinfection of all facilities
  • Screening visitors and new hires for Coronavirus symptoms
  • Wearing rubber gloves when working on trucks
  • Wearing masks when entering trucks
  • Signage promoting good hygiene and social distancing
  • Monitoring of potential COVID-19 cases
  • Requiring self-quarantine as needed
  • Contaminated trucks will be placed out of service until disinfection is completed
  • Using fog machines with disinfectant chemicals for trucks, orientation rooms, break rooms and bathrooms

If attending class in Columbus, OH or New Ulm, MN please wear a face covering before entering any indoor public spaces including but not limited to; our facilities, motel and restaurants. Face covering means a piece of cloth, fabric, or other material that fully covers the mouth and nose that is secured with ear straps or otherwise ties so as to prevent slipping. Face coverings may be factory-made or may be handmade and improvised from household materials. Not limited to bandanas, scarves, medical masks, N95 masks or cloth masks.

Be assured we are still running strong at J&R Schugel. We primarily haul general commodities and household goods which are in high demand during this unprecedented time. Now more than ever, we need drivers like you to keep up with freight demands and deliver essential goods to the consumers.

COVID-19 DISCLAIMER

By attending J&R Schugel’s orientation classes or entering our facilities, you acknowledge that your involvement and/or presence is voluntary, and you are acting under your own free will. J&R Schugel undertakes no direct legal or financial responsibility for your personal health or wellbeing while you are on our property including the risk of contracting any potential illnesses.

J&R Schugel is proud to be a 100% employee-owned company, but many people do not understand what an employee stock ownership program (ESOP) means to them or how it can be an important part of their future.  

 

What is an ESOP?

An ESOP is a qualified retirement plan.  The purpose of the ESOP is to provide the eligible employees with an ownership interest in the company.

Who makes the contributions to your ESOP account?

J&R Schugel makes all the contributions to your ESOP account.  Employees do not contribute any funds towards the ESOP

How does an ESOP benefit you?

Employees participating in the ESOP enjoy the benefits of tax-deferred growth with no investment from the employee as it is all contributed by J&R Schugel on the employee’s behalf. If you drive or work five years at another company, you have just what you earned in that position. At J&R Schugel, you have what you earned plus a growing nest egg for your retirement at no cost.

How do you participate?

A new J&R Schugel employee who is over 18 years old becomes a participant as of January 1 or July 1 following 12 consecutive months of service from their hire date plus 1,000 hours worked.

How is the Stock share price determined?

An outside valuation company values the share price once a year based on audits of the company’s annual financial statements. For 2019, the average estimated value that eligible drivers earned in their ESOP was $0.082 per mile. Valuation numbers are not guaranteed and can vary based on many factors including share price, individual earnings, years of service etc.

 

Following is a chart, based on actual amounts eligible drivers received for 2019, showing the range for various years of service:

Years of eligible service High Low Average
1-2 years 0.106/mile 0.061/mile 0.076/mile
3-5 years 0.127 0.062 0.078
6-9 years 0.132 0.075 0.093
10-14 years 0.121 0.101 0.106
15-19 years 0.154 0.124 0.130
20+ years 0.212 0.131 0.176
Overall 0.212 0.061 0.082

Additional questions?

For more information on J&R’s ESOP program and many other advantages and benefits, connect with us today!

Get Started!

    •   
    •   
    •   
    •   
    •   
    •   
    •   
    •   
    •   
    •   
    •   
    •   
  • I hereby consent to receive email, txt, and autodialed and/or pre-recorded telemarketing calls from or on behalf of J&R Schugel at the email address and telephone number provided above.

Privacy Policy