Despite the economic downturn, JK Moving Services this month made a significant investment in the long-term future of its employees, distributing nearly $2 million into eligible employees’ 401K accounts as part of its profit-sharing program.
This was the second-highest annual amount contributed to the program in the company’s history.Over the lifetime of the program, the company has disbursed more than $25 million into eligible employees’ accounts.
“I saw how hard it was for my parents to save for retirement.When I started JK, I wanted to help my employees have an opportunity to build wealth and afford to retire,” stated founder and CEO Chuck Kuhn. “This year, it took longer to become profitable, but with sacrifices and hard work across the enterprise, we are again thriving.”
JK’s annual investment represents 5.5% of annual salary for eligible employees.That breakdowns to 3% into the safe harbor 401K program and another 2.5% from the profit-sharing component. JK was able to continue this commitment by taking measures early on during the pandemic to cut costs and manage expenses, including members of the executive team taking pay cuts.