Complete Insurance Inc., Irvine, Calif., has announced its successful transition to an employee stock ownership plan (ESOP) company. As of Nov. 1, 2005 employees of Complete Insurance now own a majority interest in the firm.
The transaction will Chairman Steven Berg-Hansen to perpetuate the firm and preserve corporate independence, according to the company. “The ESOP was the best way for the company to maintain business continuity for our employees. Our employees will now share in the profits that our continued growth will provide,” Berg-Hansen said.
ESOPis an employee benefit plan that allows the employees of the company stock ownership at no cost. Employee participants in the ESOP do not pay for the employer stock. Instead, they earn stock through a process called vesting. Employees are eligible to receive the cash value of their vested shares upon retirement, termination, disability or death. The plan creates additional financial security for employees by supplementing Social Security and other retirement plans.
Complete Insurance Inc. is an insurance brokerage firm providing custom-tailored property and liability, employee benefits and workers’ compensation solutions to regional, national and international clients.
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