A couple celebrating their successful retirement beam at the camera


Mortenson makes it easy and convenient to save for retirement. After 60 days team members are eligible to participate in the 401(k) plan and begin taking advantage of the Mortenson $1 for $1 matching contributions up to 4%. 401(k) plans are provided through Fidelity Investments.

Your contributions can be pre-tax, Roth or a combination of both and as long as the total contribution is greater than 4%, you will receive the full 4% match. Mortenson’s match is always contributed on a pre-tax basis.

Benefit overview


  • You are eligible at 60 days of service, and 18 years of age. 

Generous Company Matching Contribution

  • Dollar for Dollar match up to 4% of your base pay.


  • Your team member contributions plus earnings are always 100% yours. (This means you keep them if you decide to leave Mortenson).
  • You must work at Mortenson for over three years (more than 1,000 hours per calendar year) to keep the Company matching contributions and earnings. (This means the Company matching contributions may not be yours to keep if you decide to leave Mortenson before you reach three years of service.) 

Tax Savings

  • Contributions are made before tax, resulting in lower current taxes. 

Maximum Savings Contribution

  • You can save up to 75% of your base pay and overtime up to the IRS maximum of $22,500 in 2023 and $23,000 in 2024.
  • If you are 50 or older, you may contribute an extra $7,500 in catch-up contributions.

Investment options

  • Target Date Funds are the default investment election, but several different investment options are available.

After 60 days of employment you will be eligible for the 401(k) plan, and will receive an automatic enrollment packet in the mail. You can register at Fidelity NetBenefits website  or by calling 1-800-835-5095.

Reminder: after 90 days of employment, if you did not register, you will be automatically enrolled at 4% in your designated Target Date Fund. This means that 4% will be deducted from your paycheck after 90 days, if you do not take action.

401(k) contributions can be viewed or updated at any time.

Update your 401(k) contributions by calling Fidelity at 1-800-835-5095 or by logging into your account on Fidelity NetBenefits website 

Once you are logged into your account:

  1. Select the “Quick Links” drop down found in the middle of the page,
  2. Select “Contribution Amount” from the drop down, and
  3. Select “Contribution Amount” on the next screen as well.

From the following screens you will be able to:

  • View or update the amount you contribute to your retirement savings plan.
  • Team Members 50-plus can also view or change their catch-up contribution election (Note: Catch-up Contribution Amount is per pay period). 
  • Be sure to select “Change Contribution Amount” after you edit your Contribution Amount or Catch-Up Contribution Amount.
  • You can also change the amount or timing of your automatic annual Contribution Amount election; increase or consolidate your 401(k)’s by moving money into your current retirement savings plan or an IRA.

Rollover funds

Team Members can also rollover funds from previous employer’s 401k accounts by:

Investment Options

Mortenson offers several investment options including Target Date Funds. Target Date Funds hold a mix of stocks, bonds and investments that automatically adjust to align your risk as you age as well as 14 other investment options. You can choose to invest in multiple target date funds, or a blend of a custom mix investment portfolio and target date funds. You can change your investments by:

Default Investments

If no action is taken, team members will be auto-enrolled in the Target Date appropriate for their age. This investment strategy is tied to where team members are in their lifetime; essentially investing in funds, bonds, equities and assets targeted for their age and closeness to retirement.

You must qualify for a withdrawal to have access to your 401(k) savings.

Contact Fidelity at 1-800-835-5095 to determine if you qualify for one of the eligible withdrawal options below:

  1. Hardship withdrawals require the team member to show proof they are purchasing a home, have unreimbursed health care expenses, have post-secondary education expenses, the funds are needed to prevent eviction or foreclosure, for funeral or burial expenses or to repair damage to the team member’s primary residence.
  2. The team member has reached age 59 ½.
  3. Military withdrawals are available to active duty, deployed military members.
  4. Rollover withdrawals allow team members access to funds from other retirement accounts that have been rolled into the Mortenson 401(k) Plan.

401(k) is a separate beneficiary election from your life insurance beneficiaries and should be reviewed annually.

Review and update your 401(k) beneficiaries by calling 1-800-835-5095 or visit the Fidelity NetBenefits website.

A healthy-looking older man smiles feeling secure with his life insurance choices. His partner can be seen in the background

Life Insurance

Mortenson cares about your and your family. We want to provide benefits that provide for your beneficiaries in the event of your death. Life insurance is provided through Mortenson’s partnership with Securian Financial.

Benefit overview

Mortenson offers

Life insurance for all Mortenson non-Union craft team members is not linked to medical election and all team members have a $50,000 life insurance benefit.

Your life insurance will be paid to your beneficiary in the event of your death so be sure to update your beneficiaries in Team Member Workbench!


Securian Legacy Planning Resources website 

  • End of life planning
  • Final Arrangements
  • Expedited Funeral Home payment

Securian Travel Assistance website 

  • Services for any method of travel (domestic or foreign) starting with travels over 100 miles from home
  • Repatriation assistance​
  • Can also call: 1-855-516-5433 (US/Canada) or +1-415-484-4677  (International)

Contact Securian at 1-651-665-3500 or visit the Securian website.

A healthy-looking older man smiles feeling secure with his life insurance choices. His partner can be seen in the background

Optional Life Insurance

Non-craft team members have the option to purchase additional life insurance and Optional Accidental Death & Dismemberment Insurance (AD&D) on themselves, their spouse / domestic partner and children. The cost of insurance is based on the amount of coverage, age of insured, and smoking status.

Benefit overview

Optional Insurance costs vary and can be found below:

Team Member – Non-Nicotine Rate
Per $1,000 per Month
Team Member – Nicotine Rate
Per $1,000 per Month
Spouse Rate
Under 25$0.046$0.099$0.090

Child Life: $0.075 per $1,000 per month
Team Member Only Optional AD&D: $0.026 per $1,000 per month
Family Optional AD&D: $0.033 per $1,000 per month

For Loss of:
Life​100% of the AD&D Benefit
​Both Hands or Both Feet or Sight of Both Eyes​100% of the AD&D Benefit
​​One Hand or One Foot and Sight of One Eye​100% of the AD&D Benefit
One Hand and One Foot​​100% of the AD&D Benefit
​Speech and Hearing (both ears)​100% of the AD&D Benefit
​Quadriplegia​100% of the AD&D Benefit
​Paraplegia​75% of the AD&D Benefit
​One Hand or One Foot​50% of the AD&D Benefit
​Speech or Hearing (both ears)​50% of the AD&D Benefit
​Sight in One Eye​50% of the AD&D Benefit
​Hemiplegia​50% of the AD&D Benefit
​Uniplegia​25% of the AD&D Benefit
​Thumb and Index Finger of Same Hand​25% of the AD&D Benefit
​All Four Fingers of Same Hand​25% of the AD&D Benefit
​All Toes of Same Foot​20% of the AD&D Benefit
Coma​1% per month up to 11 months 100% of the AD&D Benefit

Your life insurance will be paid to your beneficiary in the event of your death so be sure to update your beneficiaries in Team Member Workbench!

Have Questions? Call Mortenson CareConnect 833-209-6462 .

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