AGC Maine Multiple Employer 401(k) Offers Flexibility and Savings
November 15, 2016, Augusta, Maine-The Associated General Contractors of Maine designed and launched a new multiple employer 401(k) plan. This program will provide an excellent retirement plan solution for its members. The AGC Maine Multiple Employer 401k Plan has the ability to provide tremendous cost savings and less administrative headaches for Maine construction companies. “Our goal is to provide greater retirement readiness for the men and women who build our state. By banding together this option will provide great value for plan participants and continue to do so as participation increases. For owners, this new program will make offering a retirement plan easier to manage enabling you to continue your focus on Maine’s infrastructure. In addition, ensuring more of Maine’s small businesses remain competitive,” said AGC Maine’s Matthew Marks.
In a recent study conducted by Pew Charitable Trusts, it was revealed that 67% of Mainers have access to retirement plans right now and 56% choose to participate. 44% of Maine construction workers have access to employer-based plans which is slightly better than the national average for the industry.
In Maine, the construction workers’ pay in Maine averaged $45,700, 11% more than all private sector employees in the state. 95% of Maine’s construction firms are a small business with less than 20 employees. “We listened to concerns from small business owners our message is simple-we are here to help,” Marks stated.
“AARP Maine applauds AGC for their efforts to enhance retirement security for thousands of Maine workers through their Multiple Employer 401K Plan,” said Lori Parham, AARP Maine State Director. “We know from our survey of 50+ Mainers that many older workers fear they will never be able to retire due to a lack of retirement savings which is, on average, just $3,000. AGC is taking a proactive approach to addressing this problem, and we hope their plan will serve as a model for other associations and organizations to follow.”
AGC Maine launched a new website dedicated to the program: www.agc401k.com. During the next few months, their team will meet with contractors around Maine to share the plan options. “This is about building a stronger future for Maine, encouraging more young families to move here, and ensuring that today’s workers can enjoy their well-earned retirement,” said Marks.
ABOUT ASSOCIATED GENERAL CONTRACTORS OF MAINE
Chartered in 1951, the Associated General Contractors (AGC) of Maine is the state’s largest construction industry trade association. The Association maintains an office in Augusta and has 180 members statewide. Member companies include general contractors, sub-contractors, and service and supply providers. For more information visit www.agcmaine.org
FOR IMMEDIATE RELEASE
CONTACT: MATTHEW MARKS