Business View Magazine - Sept 2023

230 BUSINESS VIEW MAGAZINE VOLUME 10, ISSUE 9 coming out of an ESOP. “It’s a little abstract for them,” says Schaeffer, “so we engage them with the help of our Trustee, Kim Serbin of TI Trust.” Additionally, when new Aero workers come in, they’re offered the 401K program. They’re also offered eight paid holidays, health, dental, vision, life insurance, and tuition reimbursement. A wellness program, consisting of exercise and Internet-based seminars for fitness information, is also offered. Some workers have four 10-hour days, and there’s also a second shift available. The appeal of an ESOP is quite attractive these days, as Schaeffer notes. “When they see their wealth increasing every year, it becomes another reason for employees to really engage,” she says. In addition, we rely on Steven Greenapple, of Stevens and Lee as our ESOP legal counsel to ensure that we comply with ERISA regulations and all other legal matters. “One of the other areas is our focus on safety. As we take it to another level, and Aero has been known for that. One key point is our adaptability to what the customer needs, and then we also offer value-added. This is a necessary thing today, we believe. It’s in our policy and in our culture.” Imparato says the company is known for its problem-solving abilities. Schaeffer returns to the topic of the ESOP and its structure. “The ESOP has a twofold effect on us,” she says. “Most everyone is pleased and grateful to receive shares every year. We distribute shares every year, and those who are 65 and older can start withdrawing from their accounts. Those 55 and older can start diversifying from their ESOP shares to other investments. We have a mixed bag of age groups within our company, so I would say those from about 40 to 65 are involved, and appreciate the value of having ESOP shares. It’s a little bit too far for the younger folk to appreciate them as much.” She adds that when you’re 25 or 30, you’re 35 years away from realizing any of the profit Anthony Imparato COO Connie Schaeffer Secretary BOD