Benefits of an ESOP
Millennium offers an Employee Stock Ownership Plan, or ESOP. It is an employee retirement plan, which makes the Millennium employees owners of its’ stock. Each calendar year (the "Plan Year"), the Company may contribute to the ESOP cash or shares of common stock of Millennium Engineering and Integration Co. ("Company Stock"). The ESOP may use cash contributions to purchase Company Stock. Shares of Company Stock are credited to the accounts of participants in proportion to annual compensation. All investments of the ESOP will be held in a trust fund exclusively for the benefit of participants. Over the years, ESOP participants may gradually acquire more shares of Company Stock as contributions are made.
The price the ESOP pays for Company Stock may not be more than the stock's fair market value as determined by an independent appraiser. An independent appraiser determines the value using the rules established by federal law.
The ESOP benefit is provided at no cost to the employee. The Company Stock is bought without any contributions from the employee, and the employees are not taxed on their ESOP benefit until they receive a distribution.
Their participation in the ESOP will continue until retirement, death, disability or other termination of service. If they return to work on or before the end of an "Approved Absence," the absence does not interrupt their participation. An "Approved Absence" is a leave of absence granted by the Company according to its established leave policy.
The employee will be eligible for Retirement if they leave the Company after their 65th birthday. They are considered disabled if they have a physical or mental condition that entitles them to benefit under Social Security Disability Insurance.