Benefits
Employee-owners have access to several outstanding benefits, some of which may only be found with Austin Industries companies. An overview of benefits is summarized below:
Employee Stock Ownership Plan
The Employee Stock Ownership Plan (ESOP) is an extraordinary benefit. After only a one-year waiting period, employee-owners become eligible for allocations of shares of company stock to their own ESOP account. Austin Industrial is 100 percent employee-owned through the ESOP. Employee-owners who work at least 1,000 hours per year, receive a distribution of stock to their ESOP accounts. This important benefit helps us attract and retain experienced crafts people.
Group Insurance
Employee-owners also have access to medical, dental, term-life and other group insurance coverage. Austin Industrial pays a portion of those benefits, and the employee-owner pays the remainder – in most cases, with pre-tax dollars.
Matching 401(k)
Employee-owners may also participate in the Austin Advantage Plan, a 401(k) retirement plan. After having been with the company for one year, Austin Industrial will match a portion of your savings with an immediately vested cash contribution to your account. Depending on corporate profitability and the amount of your contribution, you may also be eligible for an additional allocation at the end of each year – an extra reward for responsible saving for your retirement.