Questions & Answers: About METRO
On this page, you can get answers to common questions about projects, doing business with METRO and more, all in one place.
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 2% 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.