Since the very beginning of Ring Power Corporation, the owners have remained focused on building a secure future for our employees when they reach their retirement years. One of the continuous strengths of our company has been the investment in the Profit Sharing Plan and later the addition of the 401(k) plan.



We are proud to provide these tax deferred retirement fund benefits as a testament to the success we achieve because of the hard work and dedication of our employees. It is true that we offer many products to serve our customers, but it is our employees who provide a memorable customer experience that bring our customers back for repeat business. The Profit Sharing and 401(k) plans allow our employees to share in the profits of the company, as they participate in building their future.

We are proud of the fact that in most years since the inception of the Profit Sharing Plan originating in 1963, the company has contributed to the Plan. The Board of Directors is pleased to announce they have approved a contribution in the amount of $3.5 million at their annual meeting in January for the 2020 plan year. Since early March of 2020, we have all been experiencing the challenges of the COVID-19 pandemic and we want to commend the management team and all the employees who have remained committed to taking care of our customers. Your collective efforts have directly impacted and enabled Ring Power to continue to operate profitably when many other businesses have not been as fortunate. Due to your efforts, this annual contribution was made possible. Additionally, for the 2021 plan year, the company 401(k) match will continue at a 50 percent match up to a maximum of 7 percent of participant contribution.



The funds have been transferred to Empower Retirement (in 2020, they acquired Mass Mutual Retirement) for the 2020 contribution, and they are working on the distributions to all eligible employee participants within the first quarter of 2021. Once the distribution deposit to your account is complete, you will receive a letter advising you of the account deposit. You can review your retirement account at any time by logging into your "RetireSmart" individual account. The Ring Power retirement plan account balance as of 12/31/20 was $264,238,421, as compared to the plan balance on 12/31/19 of $227,549,978, representing significant growth.



In 2021, we continue to strive for business growth and profitability goals; we feel we can attain both through our employee team efforts to keep our company one of the most successful in the industry. Sustained growth and success will continue to have a positive impact on our employees, as we strongly believe in the reinvestment of our profits back into the company and to the employees.