Members
About the Machinists Retirement and Savings Plan
Saving for retirement is one of the most important things you can do to secure your future. The Machinists Retirement and Savings Plan was designed to give Union Members a chance to reach their retirement goals. Below are some frequently asked questions about the Plan.
Frequently Asked Questions
Who do I Contact with Questions about the plan?
Contact the Plan Administration Office, First Hill Trust Company with any questions. You may call us at (800) 524-4852. You may also send us an email by clicking on “Contact Us”.
If you have questions about Plan investments, you may reach out to Scott Capital Advisors at (503) 487-0860.
What type of Plan is the Machinists Retirement and Savings Plan?
The Plan is a defined contribution 401(k) Plan. Your eligibility for contributions is governed by your Collective Bargaining Agreement or Special Agreement. You may be eligible for 401(k), Roth 401(k), Matching and/or Employer contributions if your Agreement allows. In addition, all members who are allowed to participate in the Plan may make rollover contributions into the Plan.
When am I eligible for the plan?
You are eligible to participate immediately upon satisfying the terms of the Collective Bargaining Agreement or Special Agreement that allows for contributions to the Plan.
If I am eligible to make 401(k) or Roth 401(k) contribution into the Plan, how do I enroll?
Open enrollment is the 1st day of every month. You may enroll in 401(k) or Roth 401(k) contributions by providing a Salary/Wage Reduction and Enrollment form to the Administration Office.
What if I want to change the amount of my 401(k) or Roth 401(k) contribution?
You may change your contribution at any time by providing an updated Salary/Wage Reduction and Enrollment form to the Administration Office. Contribution changes will be communicated to your Employer on the 1st day of the month following the date you provide the updated Salary/Wage reduction form to the Administration Office.
What if I want to cancel my 401(k) or Roth 401(k) contribution?
You may cancel your contributions at any time by providing an updated Salary/Wage Reduction and Enrollment form to the Administration Office. The Administration Office will notify your Employer as soon as administratively possible to stop deductions on the next applicable payroll period.
How is my account invested?
The Plan is a Participant directed Plan for 401(k), Roth 401(k) or Match contributions. You may decide how to invest your account from among the Plan’s menu of investment options. If you do not make a decision, your account will be invested into the Vanguard Target Date Fund appropriate to your date of birth. Please see the Qualified Default Investment (QDIA) Notice in the Plan Documents section for more information on default enrollment.
The Plan is a Participant directed Plan for the Employer contributions. Currently, Employer contributions are invested into the Vanguard Target Date Fund appropriate to your date of birth.
Please contact Scott Capital Advisors at (503) 487-0860 with any questions about the Plan’s investments.
When can I request a distribution or withdrawal from the plan?
You may request a withdrawal if you meet one of the following conditions:
Death, permanent disability or termination of employment (with a 30 day waiting period) from all contributing Employers to the Plan
Early retirement when you are age 55 and have terminated employment with all contributing Employers to the Plan
If you are age 55 and still actively employed, you may take a distribution from your 401(k) account at any time
If you are age 60 and still actively employed, you may take a distribution from your all accounts
If you meet certain conditions, you may be eligible for a hardship withdrawal from the plan.
If you meet certain conditions, you may be eligible for a loan from the plan.
Contact the Administration Office for more information about distribution and loan options.
New Members Start Here
Member Account Access
Members can login to their account at:
Questions?
For Plan questions, Contact the Plan’s Administration Office:
(800) 524-4852, Ext. 417
Email: Click Here
For Investment Questions, Contact Scott Capital Advisors, LLC at (503) 487-0860