J&R Schugel has established an Employee Stock Ownership Plan (ESOP) for its family-owned business, allowing eligible employees an ownership stake in the truckload carrier.
An ESOP is a qualified retirement plan that will invest in the common stock of the company and provide employees an ownership interest.
The company is a third-generation family company, founded by Harold Schugel as Harold Schugel Trucking in 1954. In 1974, family members Harold, Jerry and Rich combined their businesses forming J&R Schugel Trucking. Since 2005, J&R Schugel has serviced over 48 states under the leadership of Rick and Brad Schugel. This year, the company celebrated its 40th anniversary noting that over four decades the company has grown to 600 power units and over 1,000 trailers with three terminals (New Ulm, MN; Tomah, WI; Columbus, OH).
“The success of the company depends, in large part, upon the efforts of its employees,” says Rick Schugel. “J&R Schugel, along with the previous vested owners are delighted the employees will be afforded the opportunity to share in the new ownership and the fourth generation.”
Prospective employees that are hired before Dec. 31, 2014 are ESOP eligible on Jan. 1, 2015. Prospective employees that are hired after Jan. 1, 2015, will have a waiting period before becoming eligible for the ESOP.
