SARATOGA SPRINGS — Stewart’s Shops employees now own over 40% of the company through profit sharing, the company announced.
Last week, 2,850 Partners received their 2020 Employee Stock Ownership Plan (ESOP) statements. Their accounts received approximately 20% growth and a $19 million contribution, which is about 19% of their 2020 pay.
There are now 105 Partners with a balance of over $1 million and nearly a third of these millionaires are still actively working. This is possible because of Stewart’s stability, enabling years of double-digit percent of pay contributions, plus double-digit growth of balances each year.
The ESOP program is 100 percent funded by the company for anyone working at least 1,000 hours a year. After six years in the plan, a Partner’s balance is usually greater than a year’s pay.
Founded in 1945, Stewart’s Shops is an employee and family-owned convenience store chain based in Saratoga Springs.