Lansing, Michigan – August 24, 2021 | Granger Construction Company has announced its intention to provide a 401(k) plan with employer matching for its union trade employees. “This unprecedented move provides an additional layer of financial security for Granger’s tradespeople,” said Dennis Carignan, Executive Vice President.
House and Senate stimulus measures passed in March of this year are intended to bolster pension plans, and Granger is taking this extra step to further ensure its employees’ financial futures.
“This added benefit allows our union employees to 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,” said President Glenn Granger. “We know our team members are the firm’s greatest asset.”
“There are many reasons this is great for the tradespeople at Granger,” said Superintendent Rich Grove. “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. 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.”
This 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.
Granger, recognized in 2020 as one of Metro Detroit’s Best and Brightest Companies to Work For®, has a strong history of putting employees first. This new benefit will be available to employees beginning October 1, 2021.
“I’m looking forward to having this additional layer of financial security,” said Superintendent and Crane Operator Seth Stoneburner, a 21-year Granger team member. “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.”
“Retirement probably isn’t top of mind for younger tradespeople or those considering careers in the trades,” said Superintendent Cameron Freeman, “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!”