Dansko Update 08.07.2020

 

DANSKO FAQ from small groups and surveys- 

August 07, 2020

ESOP

Will Dansko consider changing the share release for 2020?

 

Dansko has released 2,750 shares each year over the last five years or 750 more per year than its original annual target of 2,000 shares. We will review before the end of the year to determine whether or not to make any changes.

 

Who is the valuation firm?

Stout

 

Will my timeline for becoming an ESOP participant change as a result of the pandemic? 

In general, no, your timeline for entering the ESOP should not change (unless for some reason hours drop below the 1,000-hour threshold.)

 

Will there be any changes to the valuation process?

 

We do not expect the December 31, 2020 valuation process to change. That is, it will be based on information as of December 31, 2020, and we will go through the same diligence process with the Trustee and Valuation firm. 

 

If a person leaves Dansko, I know it can take up to five years to get cashed out. Do you get the value of shares when you leave or for five years down the road?

 

Because the ESOP is a retirement plan, your vested account balance will be paid to you after your employment ends according to the rules of the plan. If, for instance, a participant were to leave before the end of this year, the value of her shares would be based on the 12/31/2020 share price. If she has not reached normal retirement age, it could still take up to six years from the time she left for her to receive her cash distribution.

As a reminder, the ESOP’s benefits and obligations are contained in the ESOP plan document, which governs the operation of the ESOP. Please contact Jamey Mullin, Marc Vettori, or a member of the ESOP Communications Committee if you have specific questions regarding the ESOP.

Benefits

 

Should we expect an increase in healthcare premiums for next year?

 

We do not anticipate an increase in health care premiums for the next plan year, beginning December 1, 2020. We will discuss further toward the end of September, prior to open enrollment.

Travel Policy

 

Has there been any updates to the Dansko Policy?

 

The policy originally shared on 6/19/2020 is still in effect. Pennsylvania has added Wyoming and Missouri to the list of states where a 14 day quarantine is recommended. Any Dansko employees traveling to those states, will not be allowed on campus for 14 days following their return.