| Full Time Regular Employees FTR
Miller Paint Co.
Employee’s retirement may not be high on their priority list, but it is on ours.
Through our Company paid ESOP and an employee’s own payroll deducted 401(k), they can earn money to fund your retirement.
What is an ESOP?
ESOP stands for Employee Stock Ownership Plan.
This is a retirement account that is based on Miller Paint Company’s annual contributions, appreciation or depreciation in the value of the MPC stock and each employee’s length of service.
After one year of employment and 1,000 hours worked, employees will be ready to enter the Employee Stock Ownership Plan. Then they enter the ESOP on January 1st or July 1st, depending on date of hire.
Here is how vesting works:
- Enter the Plan in January:
- Work one full year and have at least 1,000 hours – Vesting will begin at 20%
- Enter the Plan in July:
- Work until December 31st and have 1,000 hours – Vesting will begin at 20%
Each year of service equals 20% vesting. After 5 years of vested service, employees are 100% vested and all the money in their ESOP account is theirs for retirement.
401(k) Plan
Any employee can join our 401(k), whether full-time, part-time or temporary status. It’s an easy, pre-taxed payroll deduction and a great way to start a retirement portfolio.
Open enrollment dates are every quarter coinciding with or following the employee’s date of hire. Each quarter employees may adjust their contribution amount.
Miller Paint Co. is Employee Owned and Operated and has been since 1997. We employ a dedicated staff of people who work hard and consistently strive to give 100% to the success and financial growth of their company.
With both the ESOP and 401(k), Miller Paint offers a sound retirement package.
Specific Information defining and describing all these benefits can be acquired during the application procedure. |
