Employee Stock Purchase Plan - Participation in the plan eligibility is after the first six months of service. Enrollment periods are offered quarterly. No broker commissions or transaction fees assessed on the purchase of the stock. The employee becomes eligible after six months of service and needs to be at least 19 years of age. The company also makes a monthly contribution called the Floor Company Contribution, whether or not the employee chooses to participate in the plan.
Participation is on the first pay period after six months of service.
A minimum of five years of service is required. If the employee leaves the company completing five years of service, they can elect to receive the value of their cash balance plan benefits in a single payment. The cash balance formula allocates a percentage of an employee's pay each pay period, based on the employee's age. Eligibility to participate in the retiree health care and life insurance plans, must be at least 55 years of age and have a minimum of 10 years of completed service as of the date the employee leaves the company. In addition, the company's contribution to the cost of their health care coverage will be based on employee's complete years of service.