Your Finances & Your Benefits
401(k)
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
Eligibility
- 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.
Vesting
- 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
- Pre-Tax – Contributions are made before tax, resulting in lower current taxes
- Roth – Contributions are made after tax, resulting in a tax-free retirement benefit
Maximum Savings Contribution
- You can save up to 75% of your base pay and overtime up to the IRS maximum of $23,500 in 2025.
- If you are 50 or older, you may contribute an extra $7,500 in catch-up contributions.
Auto Escalation
- Team members with greater than one year of service on January 1 of each calendar year will automatically have their contributions increased by 1% (up to 9%) on the first pay period after January 1.
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:
- Select the “Quick Links” drop down found in the middle of the page,
- Select “Contribution Amount” from the drop down, and
- 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:
- Calling a Fidelity rollover specialist at 1-800-343-3548,
- Logging into their account on the Fidelity NetBenefits website (Select “Quick Links” > “Rollovers”) to complete online, or
- By completing this form on the Mortenson Sharepoint website.
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:
- Calling Fidelity at 1-800-835-5095.
- Meeting with an in-person Fidelity advisor.
- Visit the Fidelity NetBenefits website.
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:
- 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.
- The team member has reached age 59 ½.
- Military withdrawals are available to active duty, deployed military members.
- 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.
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 coverage up to 2x your annualized base rate of pay (3x annualized base pay for Team Members with greater than 10 years of service)
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!
Beneficiary
- Team members should designate their life insurance beneficiary during enrollment.
- Review and change your beneficiary at any time by emailing the HR Service Center or call 1-800-780-0642, option 3.
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.
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 |
| 25-29 | $0.053 | $0.099 | $0.090 |
| 30-34 | $0.070 | $0.106 | $0.090 |
| 35-39 | $0.079 | $0.138 | $0.108 |
| 40-44 | $0.088 | $0.224 | $0.171 |
| 45-49 | $0.132 | $0.381 | $0.297 |
| 50-54 | $0.229 | $0.638 | $0.504 |
| 55-59 | $0.424 | $0.986 | $0.819 |
| 60-64 | $0.621 | $1.236 | $1.080 |
| 65-69 | $1.118 | $1.808 | $1.701 |
| 70-74 | $2.060 | $2.959 | $2.988 |
| 75+ | $2.060 | $2.959 | $4.041 |
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!
Accidental Death and Dismemberment
Mortenson provides non-union craft team members 2x base salary up to $400,000 (matches basic life insurance amount) based on the AD&D Schedule (below). For non-union craft team members with over 10 years of service, Mortenson provides 3x base salary up to $1,000,000 based on the same schedule.
This benefit will be paid to your beneficiary in the event of an accidental death or to you in the event of a dismembering injury caused by an accident.
Reduced benefit for non-craft team members greater than 70 years old. Team members 70-74 will receive 65% of their calculated benefit, Team members 75+ will receive 50% of their calculated benefit.
Benefit overview
| For Loss of Life | 100% of the AD&D Benefit |
| 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 |
Non-union craft team members have the option to purchase additional Accidental Death and Dismemberment (AD&D) insurance. The cost of insurance is based on the amount of coverage, single or family coverage. Optional AD&D cost can be found here.
You may purchase optional AD&D for you and any eligible dependents up to five times your base salary, up to a maximum of $750,000 with benefit payments based on the AD&D schedule. The benefit will be paid to your beneficiary in the event of an accidental death or to you in the event of a dismembering injury caused by an accident. Click here to access the rate summary.
If you elect Family Accidental Death and Dismemberment (AD&D) coverage, the benefit for your spouse / domestic partner and/or dependent child is limited to a percentage of your AD&D coverage as a team member. Specific factors and payment limits can be found here. You are the beneficiary for any spouse / domestic partner and child(ren) AD&D.
If you enroll in optional Family AD&D insurance, the coverage for your eligible dependents is as follows:
- If you have no eligible children, your eligible spouse is insured for an amount equal to 60% of your amount, up to a maximum of $250,000 in coverage.
- If you have eligible children, your spouse is insured for an amount equal to 50% of your amount, up to a maximum of $250,000 in coverage.
- If you have no spouse, your eligible children are each insured for an amount equal to 15% of your amount, up to a maximum of $10,000 in coverage.
- If you have an eligible spouse, your children are each insured for an amount equal to 10% of your amount, up to a maximum of $10,000 in coverage.
Business Travel Accident
The Mortenson-paid business travel accident policy provides coverage for team members who travel for work-related purposes to ensure financial protection for team members and their families in the event of an accident during business travel.
Benefit overview
To be eligible, team members must have completed at least six months of combined service. The policy typically offers a benefit amount equal to twice the team member’s annual salary, with a maximum payout of $400,000 (team members with over 10 years of service receive a benefit equal to 3x salary up to $1,000,000).