ESOP Plan. Can Anyone Share Info About How They Work ? TMC Drivers ?

Topic 29957 | Page 1

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Hayden D.'s Comment
member avatar

Hey I am researching sponsored CDL programs. leaning towards Maverick -VS- TMC.

I seen TMC offers an ESOP plan. Can anyone provide details on how this works ?

Can I buy into it, similar to buying into a 401k ? is ESOP \ stock purchase common and how is done in the trucking industry.

This seems to give TMC a slight edge, yet I've seen some photos of what TMC drivers have to tarp. A lot of large, uniquely shaped, machinery.

CDL:

Commercial Driver's License (CDL)

A CDL is required to drive any of the following vehicles:

  • Any combination of vehicles with a gross combined weight rating (GCWR) of 26,001 or more pounds, providing the gross vehicle weight rating (GVWR) of the vehicle being towed is in excess of 10,000 pounds.
  • Any single vehicle with a GVWR of 26,001 or more pounds, or any such vehicle towing another not in excess of 10,000 pounds.
  • Any vehicle, regardless of size, designed to transport 16 or more persons, including the driver.
  • Any vehicle required by federal regulations to be placarded while transporting hazardous materials.
Anne A. (G13Momcat)'s Comment
member avatar

Hey I am researching sponsored CDL programs. leaning towards Maverick -VS- TMC.

I seen TMC offers an ESOP plan. Can anyone provide details on how this works ?

Can I buy into it, similar to buying into a 401k ? is ESOP \ stock purchase common and how is done in the trucking industry.

This seems to give TMC a slight edge, yet I've seen some photos of what TMC drivers have to tarp. A lot of large, uniquely shaped, machinery.

Hayden; here are a few threads, regarding TMC . . . perhaps start here? Calling them is your next best option, besides researching their own website.

TMC transportation threads

And of course: Apply here >>> Apply For Paid CDL Training

Hope this helps some!!

~ Anne ~

CDL:

Commercial Driver's License (CDL)

A CDL is required to drive any of the following vehicles:

  • Any combination of vehicles with a gross combined weight rating (GCWR) of 26,001 or more pounds, providing the gross vehicle weight rating (GVWR) of the vehicle being towed is in excess of 10,000 pounds.
  • Any single vehicle with a GVWR of 26,001 or more pounds, or any such vehicle towing another not in excess of 10,000 pounds.
  • Any vehicle, regardless of size, designed to transport 16 or more persons, including the driver.
  • Any vehicle required by federal regulations to be placarded while transporting hazardous materials.
Banks's Comment
member avatar

If I understood it right when it was explained to me, you get something similar to a bonus check every year. I guess in this case it would be more like dividends. I don't think you can buy more because once you leave the company you're out, unlike stocks where you can roll them into another account.

It's more of an incentive for drivers to keep customers, save fuel and have less damages. I don't think we have any current TMC drivers here, currently.

I would just contact TMC directly and ask them or leave a comment on a YouTube trucker that drives for TMC, asking your question.

Steve L.'s Comment
member avatar

My company has an ESOP (not TMC). Basically the company designates a certain amount, based on my earnings that year, and puts it in my name into the ESOP. It’s in addition to the 401(k), doesn’t come out of my pay and I cannot contribute to it.

This continues each year. Upon my retirement, I get that $. I’m vested after five years but, if I quit the company after five years, I’ll still get that $ at retirement. Quit before five years and I don’t get it.

Not all ESOPs are the same and, if you’re young, you might prefer a higher pay IF you’re disciplined enough to invest the extra.

I probably would NOT make an ESOP the deciding factor, but they can be good.

I hope this helps.

Chief Brody's Comment
member avatar

Hayden says:

This seems to give TMC a slight edge, yet I've seen some photos of what TMC drivers have to tarp. A lot of large, uniquely shaped, machinery.

If you have reservations about the difficulty and aggravation of tarping, don't go flatbed. Think of those industrial safety videos where they over exaggerate a worker doing something unsafe. That will be you.

HOS:

Hours Of Service

HOS refers to the logbook hours of service regulations.
Old School's Comment
member avatar
I seen TMC offers an ESOP plan... This seems to give TMC a slight edge,

There is no way I would allow an ESOP to be influential in my decision making process of a trucking company. Keep it simple. Go with the type of freight you think you would like to deal with. Then consider your home time needs. Then decide where you would like to be running a truck. It's not a difficult decision. Everyone acts like it is the most critical decision they will make. That's what the foolishness of the internet has done to us. We listen to a bunch of blowhards with no valuable experience and we go with their advice. Don't fall for it.

An ESOP is generally put in place because it allows the real owner of the company to cash in his chips and still maintain control of the company. It is not considered by me to be a very good value to the employees.

Papa Pig's Comment
member avatar

My 2 cents. I have never worked for either company but both are good. It will take a few years for your to be fully vested in an esop meaning you have to be there a long time to reap any rewards from it. I had considered both companies and covid came around when I was needing a job so they weren’t hiring / training .

Personally if I wanted to go flatbed I would pick maverick because from what I have researched and been told you do all the driving in most cases. The trainer rides and instructs and is there to show you how to secure the load. I am NOT a fan of team driving during training. Imo it’s hard to train someone from the sleeper 🤷🏻‍♂️. That’s just my thoughts and how I would prefer things. Not saying it’s a deal breaker.

Robert B. (The Dragon) ye's Comment
member avatar

double-quotes-start.png

I seen TMC offers an ESOP plan... This seems to give TMC a slight edge,

double-quotes-end.png

There is no way I would allow an ESOP to be influential in my decision making process of a trucking company. Keep it simple. Go with the type of freight you think you would like to deal with. Then consider your home time needs. Then decide where you would like to be running a truck. It's not a difficult decision. Everyone acts like it is the most critical decision they will make. That's what the foolishness of the internet has done to us. We listen to a bunch of blowhards with no valuable experience and we go with their advice. Don't fall for it.

An ESOP is generally put in place because it allows the real owner of the company to cash in his chips and still maintain control of the company. It is not considered by me to be a very good value to the employees.

Totally agree. Not to mention in regards to actual pay if on percentage, Annette holdings (Umbrella for TMC) gets the rate and takes their cut, then TMC takes their cut and then the driver gets their cut from the remainder. That ESOP status effectively amounts to nothing once all is said and done and is nothing more than window dressing to attract drivers into thinking it’s something more than what it really is. Does that mean TMC is a bad company? No, not are all. They’re just utilizing a tool to attract drivers.

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