Your Defined Contribution Plan

The U.A. Local No. 393 Defined Contribution Plan (“Plan”) is a Profit-Sharing Plan with a 401(k) component and is designed to work with your Social Security benefits, your U.A. Local No. 393 Defined Benefit Pension Plan, if applicable, and your personal savings and investments to provide you with income when you retire.

This Plan is a “defined contribution” retirement plan. With a defined contribution plan, your employer contributes an hourly amount as required by the collective bargaining agreement and you are permitted to make additional contributions from your wages.

Any investment growth in a defined contribution plan occurs tax-free, and there is no cap on the growth of an individual account. But unlike defined benefit pension plans, defined contribution plans place the investment and longevity risk (the risk you will outlive your account) on individual employees, requiring them to choose their own investments with no guaranteed minimum or maximum benefits. With a defined contribution plan, employees assume the risk of both not investing well and outliving their savings.

To learn more about this Plan, please hover over the Documents tab in the navigation bar above and select DC Plan from the dropdown menu.

The information on this website is not meant to interpret, extend, or change these provisions of the Formal Plan Text in any way. Where there is a conflict between this website and the Formal Plan Text, the Formal Plan Text shall govern.