With respect to each participant whose employment is not governed
by a collective bargaining agreement, Waste Management matches 100%
of each participant’s Employee Contribution up to 3% of the
participant’s eligible annual compensation, as defined by the Plan,
plus 50% of the participant’s Employee Contribution on the next 3%
of the participant’s eligible annual compensation. Any such
employee is automatically enrolled in the Plan at a contribution
rate of 3% of eligible compensation, unless changed by the
With respect to each participant whose employment relationship is
covered by a collective bargaining agreement, the amount of
contributions by Waste Management, if any, is provided for in the
applicable collective bargaining agreement.
Nonvested Forfeitures, Unclaimed Distributions and Other
As of December 31, 2021 and 2020, nonvested forfeitures, unclaimed
distributions and other unallocated accounts, including
settlements, totaled $6,650,032 and $6,564,603, respectively. These
accounts will be used to reduce future Waste Management
contributions and/or to pay Plan expenses. During 2021, Waste
Management’s required contributions were reduced by $443,459
through the use of these accounts.
The Plan offers participants diversified investment options.
Effective April 2021, the Plan’s investment options were
restructured to provide for the transfer of certain funds and the
addition of certain new investments funds. As of December 31,
2021, the Plan offered (a) 13 common collective trust funds
(including eight target retirement-date funds); (b) three
mutual funds; (c) a WMI common stock fund (which is an
Employee Stock Ownership Plan); (d) a stable value fund, which
includes direct investments in fully benefit-responsive contracts
and investments in common collective trust funds, managed by
Galliard Capital Management (“Galliard”) and (e) a
self-directed brokerage account, which allows participants to
select various securities sold on the New York Stock Exchange,
American Stock Exchange and NASDAQ. Participants direct investment
of their accounts among the investment options offered under the
Plan. A participant may make such an election on any business day.
The Plan utilizes cash equivalents to temporarily hold monies
pending settlement for transactions initiated by participants.
If a participant invests in the WMI common stock fund, the
participant can elect to receive in cash any dividends paid on the
common stock in the participant’s account. If a participant does
not make such an election, dividends will automatically be
reinvested in the WMI common stock fund. Each participant who has
invested in the WMI common stock fund has the right to vote the
shares of stock in his or her account with respect to any matter
that comes before the shareholders for a vote.
With respect to the self-directed brokerage account, several
restrictions apply and a minimum balance is required to
participate. Additionally, if a participant invests in the
self-directed brokerage account, the participant has the right to
vote the shares of securities held in the participant’s
Participants are immediately vested in their Employee
Contributions, Rollover Contributions and Employer Contributions,
plus earnings thereon.
Each participant’s account is credited with the participant’s
Employee Contribution, Rollover Contribution and any Employer
Contribution and an allocation of investment income and loss and
expenses. Investment income and loss is allocated to a
participant’s account based upon a participant’s proportionate
share of the funds within the Plan.
Payment of Benefits
Upon retirement, disability or termination of employment,
participants or, in the case of a participant’s death, their
designated beneficiaries, may make withdrawals from their accounts
as specified by the Plan. Prior to termination,