AGC Houston and Louisiana AGC Merge 401(k) Plans

AGC Houston recently announced the merger of its 401(k) multiple employer plan (MEP) with the Louisiana AGC’s 401(k) MEP – forming the AGC Southwest Chapters 401(k) Plan – which was officially signed Friday, Feb. 28, 2014.

The AGC Southwest Chapters 401(k) Plan is now one of the largest super-regional association retirement plans, with 60 companies and approximately 4,500 employees participating between Texas and Louisiana.

AGC Houston President/CEO Jerry Nevlud and Louisiana AGC CEO Ken Naquin have created a successful blueprint that other AGC chapters can follow.

The benefits of the merger will be immediate and include:

• Additional reduction in fees for all employees in the plan;
• Merging of intellectual capital of two 401(k) committees with both chapters represented;
• An even stronger focus on the laws and regulations in the retirement plan industry.

"Companies that already had a 401(k) plan chose to move into our retirement plan for various reasons: cost, trustee hand-off, no audit concerns and education, among other reasons," stated Ken Naquin. "Many of our member companies that have not signed up for our MEP 401(k) are now considering it, as the benefits are clear."

CREATING A SUSTAINABLE WORKFORCE

According to Jerry Nevlud, the formation of the AGC Southwest Chapters Plan goes a long way in establishing the construction industry as an attractive and sustainable career. "Over the past few years, we have seen a steady reduction in the skilled workforce in the construction industry. The AGC Southwest Chapters 401(k) Plan will aid in reversing this trend because retirement benefits are very high on our list of essential elements to attract and retain skilled workers."

Associated General Contractors of America
2300 Wilson Blvd, Suite 300
Arlington, VA, USA
Ph: 703-548-3118 Fax: 703-837-5402