Frequently Asked Questions — About METRO
On this page, you can get answers to common questions about projects, doing business with METRO and more, all in one place.
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Retirement Benefits
Yes. For newly hired, full-time union and non-union employees, METRO offers both of the following:
- 457(b) deferred compensation plan
- 401(a) defined contribution plan
Both are administered by Empower Retirement.
METRO automatically contributes 4% of your annual salary to your 401(a).
Additionally, if you choose to contribute money to your 457(b) deferred compensation plan, METRO will match your contribution up to 4% and put it in your 401(a). That money will not appear on your paycheck; it's deposited directly in your 401(a) retirement plan.
To receive retirement funds from your 401(a), newly hired, full-time union and non-union employees must meet both of the following eligibility requirements:
- Work at METRO for a minimum of two years
- Work at least 1,000 hours per year
The vesting schedule is as follows:
Tenure | Vesting percentage |
---|---|
2-3 years | 40% |
3-4 years | 60% |
4-5 years | 80% |
5 or more years | 100% |
Non-union employees:
You qualify for normal retirement at age 65, with five years of vested service.
You qualify for early retirement if you meet either of these criteria:
- Age 55, with 15 years vested service
- Age 60, with five years vested service
Union employees:
You qualify for normal retirement if you meet either of these criteria:
- Age 60, with five years vested service
- Any age with 28 years vested service
You qualify for early retirement at age 55 with 25 years vested service.
All retirees (both union and non-union) receive $25,000 in life insurance at no cost.