KSOP Overview

Whenever you see the term KSOP, it refers to your combined Employee Stock Ownership Plan (KSOP) and 401(k) retirement plan. Be sure to read the sections below to understand how the KSOP and 401(k) work together, then proceed to select your beneficiaries.

 

Required Action

When you designate a new beneficiary, you must also complete a paper copy of the KSOP Beneficiary Designation Form and return it to HR. Download the KSOP Beneficiary Designation Form here: KSOP Beneficiary Designation Form

 

What is the KSOP?

The Employee Stock Ownership Plan (KSOP) gives you an ownership interest in Jaynes. Each year, eligible employees are granted company shares, with the number of shares based on various factors, including the company’s overall performance for the year. All eligible employees are automatically enrolled in the KSOP—no action is required to participate.

 

What is the 401(k)?

The 401(k) is a retirement savings plan funded by you. You choose how much to have deducted from each paycheck, and Jaynes will deposit that amount into your retirement account. By default, your contributions are automatically invested in a Target Date Fund, unless you choose otherwise. Over time, your account grows not only through your regular contributions but also through earnings such as interest and dividends, thanks to the power of compounding.

 

How They Work Together

While the KSOP and 401(k) are technically separate components within the KSOP, they are designed to work together seamlessly. The KSOP builds wealth by giving you an ownership stake in the company through stock contributions, while the 401(k) empowers you to actively save and invest for your future through payroll deductions. Together, they complement each other by combining passive company-funded growth with proactive, employee-directed savings—helping you build a more robust and balanced path to long-term financial security and retirement readiness.

 

Important

If you are married, your spouse is generally entitled to receive 100% of your vested KSOP account balance if you pass away—this is called the surviving spouse’s benefit. Unless your spouse waives this right in writing, you cannot leave your KSOP benefits to anyone else.

 

Examples:

1. If you name your parents as beneficiaries but later get married and don’t update your beneficiary form, your spouse will receive the full account balance—even if your form lists your parents.

2. If you divide your account between your spouse and children, your spouse must waive their right in writing for the children to receive any portion.

 

The surviving spouse’s benefit can only be waived if your spouse provides written consent (Section C of the Beneficiary Designation Form) or if you certify that you do not know your spouse’s whereabouts.

 

Pro Tip

Create an online account at https://startright.bokf.com/login.aspx to access your account balance, view statements, check loan information, and more!

 

For More Information, Please Review The Following Documents:

Beneficiary Designation Form