A construction firm with a local office will provide a 401(k) plan with employer matching for its union trade employees.
Lansing-based Granger Construction Company, which has a Grand Rapids office at 940 Monroe Ave. NW, said Wednesday, Sept. 1, it is taking this step to ensure its employees’ financial futures. The new benefit will be available to employees beginning Oct. 1.
“This unprecedented move provides an additional layer of financial security for Granger’s tradespeople,” said Dennis Carignan, executive vice president, Granger.
Glenn Granger, president, added the benefit will allow union employees to better “take personal responsibility for their financial future.”
“Not only does this augment Granger’s overall employee benefits package, we’re also doing our part to improve the construction labor market for our industry,” he said. “We know our team members are the firm’s greatest asset.”
Granger Concrete Superintendent Rich Grove said there are a host of reasons this is good for union trades workers.
“Granger will be the only union company that offers this benefit, which will ensure that we attract the best talent and have the strongest teams in the field,” he said. “The 401(k) plan also provides an additional source of retirement income alongside our pension and annuity. This allows us to invest our annuity into our own plan upon retirement with no penalty. The 401(k) will also give us more control of our retirement; we can choose to invest our own dollars and receive matching funds from Granger.”
The program enables individuals who are not formally part of a labor organization to roll their 401(k) into the Granger plan and become a part of the team.
“I’m looking forward to having this additional layer of financial security,” said Seth Stoneburner, superintendent and crane operator and a 21-year Granger employee. “I’ve lived and worked through the economic impact of 9/11 and the recession of the early 2000s, and it will be nice to have something to fall back on in addition to my pension.”
Added Superintendent Cameron Freeman: “Retirement probably isn’t top of mind for younger tradespeople or those considering careers in the trades, but the contribution matching is essentially free money and provides more financial security than our pensions alone. For me, it means I may be able to retire a little earlier — and I won’t be pouring concrete when I’m 60.”
Founded in 1959, Granger Construction specializes in design-build, construction management, integrated project delivery and general contracting services for the commercial, industrial, K-12, higher education, health care and public sector market segments.