ESOP is an Employee Stock Ownership Plan. It is a retirement plan like a pension, profit sharing, or 401k. MAPSYS employees become Employee Owners (EO’s) once they qualify for the plan.
ESOPs are regulated by the Department of Labor and covered under the ERISA legistation
What’s In It For You?
By showing up and doing your job, you earn shares of stock in MAPSYS. Your ESOP account is tax deferred and holds no legal or financial liability for you as a shareholder. Your ESOP benefits are protected from creditors. As MAPSYS grows and is profitable, your share value can grow.
Upon retirement, death, disability or following other termination of service, employees are entitled to receive the cash value for their vested shares. That value is paid out based upon our plan definition and IRS/DOL rules governing the ESOP.
The ESOP and all MAPSYS Employee Owners are represented by an ESOP Committee.