Popular New York Store Makes Nearly 200 Workers Millionaires

Nearly 200 employees working at popular convenience stores, with many New York State locations, are now millionaires.

Many employees at Stewart’s Shop have the option to open an Employee Stock Ownership Plan (ESOP). Employees can join the stock option after working 500 hours in a quarter or 1,000 hours in a year.

Stewart's Shops Employee Stock Ownership Plan Creates Millionaires

Employees with an ESOP are called "partners" by the company. More success from the company means more investments, funded by the company, go into each employee's ESOP.

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“Our employees are called Partners, and they really are, since they own over 40 percent of the company through their ESOP,” Stewart’s Shop said. “After six years in the plan, a Partner’s balance is usually greater than a year’s pay.”

90 Millionaires Employees in 2020

Despite the COVID pandemic, Stewart’s Shops proudly announced its "partners" received an additional dividend in their ESOP in July of 2020.

"This dividend is a true representation of Stewart’s stability and success as a company," Stewart's Shops said in a press release. "In early July (2020), all eligible Partners received a dividend which totaled 4.5% of their 2019 ending ESOP balance. This $50M dividend is given to Partners for their hard work and dedication."

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All partners had the option to roll their dividend into their existing ESOP account or take a cash distribution, according to the company.

In July 2020, 90 Stewart’s Partners had a balance of over $1 million. Meaning the company helped create 90 millionaires.

175 Stewart's Employees With Balance Over $1 Million

In a recent update, the company confirmed there are now 175 partners with a balance of more $1 million.

"A $19 million contribution was made to 3,000 active employees’ ESOP accounts which equates to 16% of each Partner’s 2022 wages. Additionally, ESOP participants saw their account balances grow by 12.5% in 2022. Stewart’s Shops employees own over 40% of the company through profit sharing," the company said in a press release. "There are now 175 Partners with a balance of over $1 million and 70% of the current employee millionaires started out as hourly employees. This is possible because of Stewart’s stability, enabling years of double digit percent of pay contributions, plus double-digit growth of balances each year."

This means 175 workers have more than $1 million in company stock.

“Even with a challenging economy, supply chain issues and rising costs due to inflation, we are elated to be in a position to share this generous ESOP contribution with our Partners. It is only possible because of their hard work, efficiency and their pride as owners that we have had another successful year.” Stewart’s Shops President Gary Dake said.

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The ESOP program is 100 percent funded by Stewart's Shops to any employee who works at least 1,000 a year.

In its press release, Stewart’s Shops notes the company currently has many positions available at its shops, plant and corporate office.

Stewart’s Shops employs over 5,000 people and operates over 350 shops across New York and southern Vermont, according to company officials.

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