What is Profit Sharing?
Profit sharing at Western Precast Concrete, Inc. is a fully employer funded contribution to each employee who qualifies. The contribution is made annually and based on the profitability of our company for that year. The system is set up to reward long term employees and it pays off affordably for those employees that have many years of service.
Why should I be interested in profit sharing as an employee?
As an employee you should be aware that if you make a career here, meaning that you stay 20 to 30 years you will have a sizable amount of money set aside for you to enjoy during your senior years. You may also choose to roll your funds into a qualified IRA or profit sharing account when leaving before retirement so as not to be taxed or penalized and have your funds to continue to grow wherever you may work.
As an employee, when do I become eligible for profit sharing?
As an employee you become eligible to participate in the program after two years of full time service.
How does profit sharing work?
As an employee you do nothing but work and become long term employee for the profit sharing system to work in your favor. There is a vesting schedule in which you become fully vested in approximately the seventh year of service.
Who do I need to talk to if I have more questions or if I am eligible and I want to sign up?
If you have any questions regarding our profit sharing system, please ask Paulette Brown and she will gladly get you the answers you need.