As of March 2015, Parman Energy is now an employee-owned company. This decision empowers the employees of Parman Energy like never before, offering a true sense of ownership and responsibility to each and every member of the team.
Benefits come in the form of an ESOP, which is a retirement account specifically for Parman Energy employees. The ESOP works much like a traditional 401(k), with a few notable exceptions. Instead of using employee contributions to deposit in the retirement plan, as is done with the 401(k), Parman Energy will make the contributions. These contributions are investments in company stock rather than investments across a wide range of companies.
The amount contributed is also higher for an ESOP. Traditional retirement plans generally see 4% of compensation contributed. The ESOP contributes 8-10%. This, of course, equals a greater amount upon retirement, depending on the performance of the company stock.