Page 91 - 2022 Sustainability Report

EMPLOYEE WELL-BEING

Ensuring our Employees Take Full Advantage of
Their Retirement Benefits

In their day to day lives, the Company’s employees work that any employee not contributing at least 6% of their
on several legacies all at once. Their work is providing salary to their 401(k) is leaving “free Martin Marietta
communities with roads, bridges, buildings and homes that money on the table.”
will last for generations. Working with the Martin logo on
their safety vests is strengthening the Company for long- Pension benefits also vary based on union membership,
term success. Salaries provide for employees and their but, in general, are available to both hourly and salaried
loved ones today. But just as important to the Company as team members, Cotto says, adding that employees
its employees’ well-being today is their future after they typically become fully vested in the pension plan after five
leave the workforce and the Company provides benefits years of service. “The pension is a great benefit for all of
designed to allow a comfortable post work life. us, but is particularly good for younger people,” he says.
“If you’re a recent college graduate with student loan
In an era when other companies have moved to curb debt, or if you and your spouse are saving for your first
retirement benefits, Martin Marietta has improved its home, you may consider contributing less to your 401(k)
offerings, providing a fully funded defined benefit pension and using that money for your immediate goals while
plan and a 401(k) with a company match. Both benefits knowing that your pension benefit continues to grow.”
are designed to provide Martin Marietta employees and What’s more, the ultimate payment received through the
their families with sustained financial security, says Senior pension also grows over time, Cotto says, noting that
Benefits Specialist Hector Cotto. “Standing alone, either of those who retire after 30 or more years of service enjoy
these benefits would significantly help employees prepare significantly higher monthly payments in retirement than
for retirement years. Combined, they’re exceptional,” those who retire after five years with the Company.
Cotto says. “The pension plan affords employees the
unique opportunity to prepare for retirement without Vice President of Total Rewards and Head of Inclusion and
having to spend any of your own money. The 401(k) then Engagement Kelly Bennett says that while Martin
offers an additional opportunity to increase retirement Marietta’s retirement benefits may be industry leading, the
savings while taking advantage of Martin Marietta’s motivation behind them is less focused on the Company’s
matching contribution.” reputation and more focused on caring for people. “Our
retirement benefits are of the caliber you would expect
Though specific retirement benefits may vary for members from any world-class employer, but what this really comes
of labor unions, those who do not belong to a union are down to is our values and our ONE Martin Marietta spirit,”
eligible for the Company’s 401(k) on their first day of she says. “As a company, we care for each other, so
employment. Martin Marietta fully matches up to 1% of ensuring that every member of our team has the ability to
each employee’s contribution, then matches $.50 on the properly prepare for their family’s future is just the right
dollar for all contributions up to 6%, Cotto says, noting thing to do.”

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