New Update: Healthcare Costs Increasing by Over 60% in Some States. Will you be impacted?

Essential Insights on Condo Insurance for MasTec Employees: What You Need to Know Before You Buy

Healthcare Provider Update: MasTec, a leading provider in construction and engineering services, primarily utilizes Aetna as its healthcare provider for employee health plans. Looking ahead to 2026, MasTec employees may face significant healthcare cost increases. With expected sharp hikes in health insurance premiums, especially in states like New York where proposals suggest increases of up to 66%, employees should be prepared. The termination of enhanced federal ACA premium subsidies could exacerbate the situation, potentially leading to a staggering 75% increase in out-of-pocket costs for many. As employers navigate these challenges, it is likely that benefit adjustments, including higher deductibles and out-of-pocket maximums, may become commonplace to offset rising expenses. Click here to learn more

MasTec employees may benefit from understanding how the ownership structure of a condominium unit is different from that of a single-family house. Here’s what you need to know when purchasing insurance for your condo.

1. Understand the Master Policy

For MasTec employees worried about condo insurance, since the ownership of all common areas is shared with other condo owners, the association of owners typically purchases insurance coverage (a master policy) for the common areas, e.g., hallways, exterior walls, etc. The condo association’s policy will outline what is covered and what is not.

2. Three Types of Coverage

There are three basic types of coverage under a master policy that those employed at MasTec should be aware of.

Primary buildings and common areas
Your unit and any items within your unit, other than personal belongings
Building, unit, and any fixtures

The individual coverage you may consider depends upon the scope of coverage of the master policy. MasTec employees should also try to determine what is and isn’t covered under the master policy – this can influence the coverage you may need.

3. Know the Master Policy Deductible

Generally, an association’s master policy has a deductible that is charged pro-rata among unit owners in the event of a claim. Determining that obligation is important because while it may never materialize, it could represent a meaningful financial commitment.

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4. Consider Additional Coverage

Similar to any homeowner, MasTec employees will need to make decisions about other coverage options, such as cash value or replacement coverage, adding personal liability coverage, and whether flood insurance may be appropriate.

Several factors will affect the cost of condo insurance, including the insurance coverage provided by the homeowners association. You should consider the amount of your deductible and level of coverage before purchasing a condo insurance policy. Any guarantees associated with a policy are dependent on the ability of the issuing insurance company to continue making claim payments.

What type of retirement plan does MasTec offer to its employees?

MasTec offers a 401(k) retirement savings plan to help employees save for their future.

Does MasTec provide a company match for contributions made to the 401(k) plan?

Yes, MasTec provides a company match on employee contributions to the 401(k) plan, subject to specific limits.

At what age can MasTec employees start participating in the 401(k) plan?

MasTec employees can typically start participating in the 401(k) plan as soon as they meet eligibility requirements, usually upon hire.

What investment options are available in MasTec's 401(k) plan?

MasTec's 401(k) plan offers a variety of investment options, including mutual funds and target-date funds, to suit different risk tolerances.

How can MasTec employees enroll in the 401(k) plan?

MasTec employees can enroll in the 401(k) plan through the company’s benefits portal or by contacting the HR department for assistance.

Is there a minimum contribution amount required for MasTec's 401(k) plan?

MasTec may have a minimum contribution amount, which employees should verify in the plan documents or by contacting HR.

Can MasTec employees change their contribution percentage at any time?

Yes, MasTec employees can change their contribution percentage at any time, subject to the plan's rules and guidelines.

What happens to MasTec employees' 401(k) savings if they leave the company?

If MasTec employees leave the company, they can roll over their 401(k) savings to another retirement account or withdraw the funds, subject to tax implications.

Does MasTec offer loans against the 401(k) plan?

Yes, MasTec's 401(k) plan may allow employees to take loans against their savings, subject to specific terms and conditions.

Are there any fees associated with MasTec's 401(k) plan?

Yes, there may be administrative fees and investment-related fees associated with MasTec's 401(k) plan, which employees should review in the plan documents.

With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.

Name of Plan: MasTec, Inc. Pension Plan Years of Service and Age Qualification: Employees are generally eligible for the pension plan after completing 5 years of service and reaching the age of 65. For early retirement, employees can start receiving benefits at age 55 with 10 years of service. Pension Formula: The pension benefit is calculated based on a formula that considers the number of years of service and average salary over a specified period, usually the highest-paid years. Name of Plan: MasTec, Inc. 401(k) Plan Eligibility: Employees are eligible to participate in the 401(k) plan upon completion of 30 days of service. Company Contributions: MasTec offers a matching contribution up to a certain percentage of the employee’s contribution.

Restructuring and Layoffs: MasTec announced a restructuring plan in early 2024 aimed at streamlining operations and reducing overhead costs. This plan included a reduction of around 8% of their workforce, particularly targeting roles that overlap in their newly consolidated departments. The company cited the need to adapt to changing market conditions and improve efficiency as primary reasons for this move. It is crucial to monitor these developments due to the current economic climate, which affects labor markets and corporate stability. Restructuring can impact not just the employees but also investors and the broader economy. Benefit Changes: Alongside the layoffs, MasTec has revised its employee benefits structure. The company has introduced a more flexible benefits package, including adjustments to health insurance premiums and modifications to retirement plan contributions. These changes are in response to evolving market demands and cost-management strategies. Staying informed about these adjustments is essential given the broader economic and political context, as such changes can influence employee satisfaction and retention, and reflect broader trends in corporate benefit management.

MasTec provides stock options and RSUs to employees as part of their compensation package. Stock options are often granted to executives and key employees, while RSUs are typically awarded based on performance and tenure. In 2022, MasTec's stock options and RSUs aimed to align employee interests with company performance.

Employee Benefits Overview: MasTec provides a comprehensive benefits package which typically includes medical, dental, and vision coverage, among other options. Healthcare Plans: They offer multiple health plan options including PPO (Preferred Provider Organization) and HDHP (High Deductible Health Plan) with HSA (Health Savings Account) compatibility. Wellness Programs: MasTec includes wellness programs and resources to support employees' physical and mental health.