We love to be able to offer our employees a retirement plan at no cost to our company.
The Northwest AGC Chapters Retirement Plan offers low cost, high quality retirement plan options to members in AGC chapters across the Northwest. Our objective is to work with you to design a plan that fits the size, budget, and goals of your construction business.
As an employer, you choose which contribution structures make sense for you and your business from a menu of employee 401(k) and Roth 401(k) deferrals, employer matching and profit sharing contributions, and even employer Prevailing Wage fringe arrangements that save you money on FICA, Labor & Industry, Workers’ Compensation, and other payroll taxes.
We understand that every company in the construction industry is unique. With more than 120 contractors in our network, our plan has proven to accommodate large and small companies, General Contractors and Subcontractors, union contractors and open shop contractors. Explore our plan, and then visit our How to Join page to learn how you can become a member.
Our Unified Approach for
Independent Employers
You understand the importance of working together to get a job done. So do we. The Northwest AGC Chapters Retirement Plan utilizes a Multiple Employer Plan (MEP) structure that pools the participants and assets of our various members into a single retirement plan. Here’s how our model works for you:
Shared Benefit
Our Multiple Employer Plan grants you access to low-cost investment options that are only available to large plans. Not only that, but group purchasing power allows smaller construction businesses to split administrative and investment costs.
Reduced Employer Liability
When you enroll in the Northwest AGC Chapters Retirement Plan, you sign one document: our Participation Agreement. We take care of the rest. Fiduciary and administrative oversight is managed by our dedicated Trustees and professional service providers. That means that we cover all the counsel, recordkeeping, and investment advising that you would normally pay for with a standalone plan. We also prepare a single plan-wide Form 5500, requiring no work or sign-off from you.
Bigger Jobs
Our prevailing wage plans are designed for the construction industry, making your bids more competitive on Davis Bacon projects and ultimately improving company cash flow.
Employee Retention
The opportunity to build retirement savings is a valuable incentive for your talented employees.
Pricing & Fees
Unless the employer opts to cover a portion of the fees, all fees are paid by plan participants, so there are no invoices for fees to the vast majority of employers. Investment fund expenses vary by mutual fund, ranging from 0.035% to 1.10%. Administrative expenses depend on the employee’s balance and the overall employer balance in the program. As of March 2022, the weighted average investment expense ratio was 0.24%, and the average participant administrative fee was 0.33%. In total, the average participant paid 0.57% in fees, well under the fee rate of most other plans of this size and type. Our plan is expected to become even more competitive over time as it grows.
- The larger your plan grows the less your employees pay in fees.
- In 2021, employees enjoyed a 3-month holiday where no fees were charged. Another fee holiday is occurring in 2022.