What is a Defined Contribution Plan?

Think of the Local 49 Defined Contribution Plan as an additional retirement fund. Contributions made on your behalf by your employer go into a trust fund for investment purposes and are recorded in a separate account called your “Individual Account.” Participation in the plan begins the first day of the month following completion of 400 hours of service within a 24-month period. Your defined contribution is separate from any other pension benefits you may earn.

Who Pays for It?

Your Employer pays the hourly contributions, these do not come out of your paycheck. Whether or not your Employer contributes to the plan would be determined by the terms of a Collective Bargaining Agreement or another agreement with the Plan’s Board of Trustees. You can contact your Local Business Agent to find out if your Employer contributes to the Plan.

When Do I Become Vested?

Following completion of 400 hours of service within a 24-month period, you are 100% vested in the plan.

When Am I Eligible for Payment?

You become eligible when you reach the normal retirement age (55), but be sure to work into the year in which you turn 55 to avoid a tax penalty. You may also be eligible for payment if you become totally and permanently disabled or after 12 consecutive months without any operating engineer work.

Can I Contribute to my Defined Contribution Account?

YES, YOU CAN. The plan accepts rollovers from most other employers’ qualified retirement plans, such as a 401(k), profit sharing and pension plans. However, you cannot rollover to this plan any “after-tax” money from an eligible retirement plan or a personal IRA. To request a Rollover form, contact Wilson-McShane at 1-800-535-6373.

How Do I Designate a Beneficiary?

Your beneficiary is the person who will receive your retirement balance in the event of your death. After creating your Account, you will receive a Beneficiary Selection Form that you should complete and return to: Wilson McShane Corp., Attn: Local #49 Defined Contribution Plan. You will need the social security number and birth date of your designated beneficiary. If you need to request a new form, contact Wilson-McShane at 1-800-535-6373.


Individual Account Setup

You should create your an account and designate your Plan Beneficiary as soon as you reach 400 hours of service. There are three ways to set up a new account:

  1. Register online at www.millimanbenefits.com
  2. Download the Milliman Mobile Benefits App to your smartphone to register
  3. Contact the Benefits Service Center at 1-866-767-1212 or use Web Chat on www.millimanbenefits.com. Representatives are available Monday through Friday from 7 a.m. to 7 p.m. CST.