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Benefits July 8, 2010
TX Power Company Adds ESOP
July 8, 2010 (PLANSPONSOR.com) – A Houston, Texas-based retail electricity provider has announced the creation of an employee stock ownership plan (ESOP).
Reported by Fred Schneyer
A news release said the plan includes an early retirement age of 50 years old and employee ownership of more than 30% of the company. The plan also gives employees access to 100% of their ESOP account after a six-year vesting period.
According to the announcement, all employees are eligible to own the preferred stock given by the ESOP and have certain voting rights within StarTex Power. The company has established an Employee Stock Ownership Plan Committee to help employees with questions concerning the new plan.
“Our employees are the key to our success,” said Marcie Zlotnik, Chairman and COO of StarTex Power, in the news release. “Their continuous hard work and dedication is what has made us successful, and we want to return the favor. An Employee Stock Ownership Plan seemed like the perfect way to thank our team members.”