Mortenson Honored with the 401K and Profit Sharing Plan of the Year

Minneapolis, MN - PLANSPONSOR magazine has named Minneapolis-based Mortenson Construction as its 2008 Corporate Plan Sponsor of the Year, recognizing excellence in the design, administration, and results of corporate sponsored profit sharing and retirement savings plans.

"It is truly an honor for Mortenson to be recognized by PLANSPONSOR magazine as the Plan Sponsor of the Year,” said Tom Gunkel, President and CEO of Mortenson Construction. “Throughout the past 17 years Mortenson leadership, with the support of our board, has dedicated substantial energy and resources to the development of our Profit Sharing and Retirement Savings Plan for the benefit of our employees."

Of its eligible employees, 85 percent participate in Mortenson’s Profit Sharing and Retirement Savings Plan and approximately 98 percent of those participants receive the maximum company match. Overall this has created a combined retirement benefit for its participants of more than $100 million. 

Each year, the editors of PLANSPONSOR magazine, the nation’s leading information resource on workplace retirement plans, honor employers that demonstrate leadership in providing a more secure retirement for employees. Strong investment performance, rigorous corporate governance, and an enduring commitment to participant education are the hallmarks of distinction of PLANSPONSOR’s Plan Sponsor of the Year awards.

“Mortenson’s retirement plan exhibits an unusually high level of dedication to face-to-face participant education,” according to Nevin E. Adams, Editor-in-Chief, PLANSPONSOR magazine. “This lies at the heart of the company’s efforts to improve plan participation among a workforce that is diverse geographically and characterized by different languages and education levels.”

The 2008 Plan Sponsors of the Year will be recognized at PLANSPONSOR’s Annual Awards for Excellence dinner in New York City on April 3, and also will be featured in the March issue of PLANSPONSOR magazine.

In addition to the Corporate Plan Sponsor Award, recognition was also given to the top benefit plans in the non-profit and public sectors. For a complete list of past and present award recipients, visit www.plansponsor.com.