Two things determine your ESOP account balance:
Big G Express, IKE Transportation's parent company, allocates stock once a year, and your portion of the ESOP contribution is based on your years of service (how long you have worked at IKE/Big G) and your compensation (how much you made in that calendar year).
Each year you will earn more stock. If you are working on the last day of the plan year, December 31st, and have met the eligibility requirements, an allocation of stock will be made to your ESOP retirement account.
The value of the stock you receive is determined once a year. We are a privately held company and not traded on the stock market, so we have to have a valuation firm to determine the value of our stock. The value is based on several factors, some in our control and some that are out of our control (government regulations, weather, economic factors, etc.). The valuation firm is determining how much an investor would pay for Big G Express at Fair Market Value.
The good news is that Big G Express stock value has increased every year since we formed the ESOP in 2009. We started at $5.88 a share and, most recently, valued at $49.40 a share. We have proven to be profitable, and we are financially stable!« Back to Blog