PREMIER Becomes a 100% Employee Owned ESOP Company
On November 21, 2014, PREMIER reached a tremendous milestone in its history by becoming a 100% Employee Stock Ownership Plan (ESOP) owned company. The newly created ESOP means all employees are able to share in the benefits of company ownership.
“One of PREMIER’s guiding principles has always been to ensure employees have a strong sense of ownership and share in the rewards of their hard work and dedication,” said Ken Coggins, President of PREMIER. “The creation of our ESOP provides a strong foundation for PREMIER’s future, reinforcing our commitment to our employees, customers and community.“
The ESOP is a tax-qualified employee benefit plan. At the end of each year PREMIER makes a contribution to the ESOP. That contribution is distributed among the eligible employees in the form of shares of company stock. Over time an employee's account can grow with additional company contributions and stock price appreciation, all at no cost to the employee. After an employee retires or exits the company their stock is repurchased and the employee receives the proceeds.
Employee ownership helps align all employees toward a common goal: Long-term Company Success.