AGCs retirement plan reached a milestone recently surpassing $100 million in assets with the number of participants approaching 4000. Plus an independent analysis confirmed the plans below average fees.
For many employers the impetus for switching plan providers comes from new rules requiring plan providers to detail all costs associated with their 401(k) plans because now they know the true costs of their retirement plans. Do you know your retirement plans true costs and how do they compare with the Northwest AGC Chapters Retirement Plans low fees of 0.68% (68 basis points)?
This and other elements of the plan — available to all general and subcontractor members of AGC Chapters in WA OR AK and ID — were discussed at a recent meeting of the plans trustees.
Tricia Chamness CFO for Diamond B Constructors is a plan trustee and encourages fellow AGC members to look into it.
Contractors should be aware of the simplicity of being a part of the Northwest AGC Chapters plan Chamness says. All requirements for reporting and testing are handled by our service provider NW Plan Services at no cost to the contractor.
Before becoming a trustee Chamness looked at a variety of options before signing up Diamond B Constructors for the plan. In an effort to recruit and hire employees Diamond B was looking for a plan that would offer our employees a competitive and flexible retirement option she explains. The Northwest AGC plan offers us the ability to customize to the needs of our employees and the current business environment regarding company matching and profit sharing contributions. The diversity of the investment funds allows our employees to invest based on their own individual needs as well as track their account progress and make changes online.
AGCs investment funds include target-date retirement funds. Target-date funds are designed to provide a simple investment solution whose asset allocation mix becomes more conservative as the retirement target date approaches.
The Northwest AGC retirement plan works well for union contractors such as Diamond B and open shop contractors with prevailing wage plans that help companies compete more effectively on Davis-Bacon projects and improve cash flow.
To learn more about the AGC retirement plan visit its website here.