Employers
Frequently Asked Questions
What type of Plan is the Machinists Retirement and Savings Plan?
The Machinists Retirement and Savings Plan is a defined contribution Plan. Depending on the terms of the Collective Bargaining Agreement or Special Agreement, members may be allowed to make pre-tax 401(k) or after-tax Roth 401(k) contributions directly from their paychecks into the Plan. They may also receive Employer or Match contributions. In addition, all members who are allowed to participate in the Plan may make rollover contributions into the Plan.
Is there Withdrawal Liability if an Employer terminates participation in the Plan?
No. Since the Plan is not a Defined Benefit Plan, an Employer who terminates participation does not incur any Withdrawal Liability.
Are there any Employer expenses for participating in this Plan?
No, all expenses are paid from Participant accounts.
What are the eligibility requirements?
Members are eligible to participate immediately upon satisfying the terms of the Collective Bargaining Agreement or Special Agreement that allows for contributions to the Plan.
When can participants enroll or change their 401(k) contribution amounts?
Participants may enroll or change their 401(k) contribution rate by mailing or faxing a Salary/Wage Reduction and Enrollment form to the Administration Office. Employers will be notified during Open Enrollment (the 1st day of every month) to apply the change to their next applicable payroll period.
When can participants cancel contributions?
Participants can cancel contributions at any time by mailing, emailing or faxing a Salary/Wage Reduction and Enrollment form to the Administration Office. The Employer will be notified as soon as administratively possible to stop deductions on the next applicable payroll period.
Will participants receive Employer contributions?
Participants may receive contributions from their Employers if an Employer or Match contribution is negotiated in their Collective Bargaining Agreement or Special Agreement.
What are my responsibilities to the Plan, as an Employer?
As a participating Employer, you are required to:
Provide newly eligible Employees with enrollment information
Timely deduct and remit contributions to the Administration Office
Provide Employee contribution and census information via electronic file to the Administration Office
Provide updated Employee information, such as addresses, to the Administration Office
Agree to be bound by the terms of the Plan Document and Trust Agreement governing the Plan and agree to provide any needed information regarding covered employees to the Plan’s Administration Office
How are contributions remitted to the Plan?
Employers remit contributions by sending in a check or authorizing an ACH from their bank account. An electronic contribution file should be submitted to the Administration Office with each check or ACH contribution.
How can participants access their account information?
Participants will receive quarterly statements. They may also access their account through the Plan’s website www.ebmgmt.com to view their balance and change investment selections.
Who can Employers contact for more information?
EB Management Company, the Plan’s Administration Office, can be reached at or (800) 524-4852, Ext. 417.