MCGRATH AUTOMOTIVE GROUP, INC. 401(K) PLAN Contribution & Employer Match

MCGRATH AUTOMOTIVE GROUP, INC. 401(K) PLAN Contribution & Employer Match

MCGRATH AUTOMOTIVE GROUP, INC. provides the following retirement savings benefits to its employees:

MCGRATH AUTOMOTIVE GROUP, INC. 401(K) PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for MCGRATH AUTOMOTIVE GROUP, INC. 401(K) PLAN is $57,204.00

MCGRATH AUTOMOTIVE GROUP, INC. 401(K) PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for MCGRATH AUTOMOTIVE GROUP, INC. 401(K) PLAN is $3,582.00. If you contribute an amount exceeding this, you have saved more than your colleagues. Congratulations! Keep up the good work. Otherwise, you might want to consider contributing more to ensure a better retirement future.
229,301.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 3,582.00 in MCGRATH AUTOMOTIVE GROUP, INC. 401(K) PLAN, assuming a 10%* annual return.

2023 & 2024 401(k) contribution limits by IRS

 Pretax and roth employee contributionsEmployee and employer contributions combinedCatch-up contributions (in addition to the employee and employer combined limit, age 50 and over)
401(k) contribution limit for 2023$22,500$66,000$7,500
401(k) contribution limit for 2024$23,000$69,000$7,500

$1,440,056: this is the amount you will have saved 20 years later if you contribute the maximum of $22,500 annually for 20 years, assuming a 10%* annual return.

$4,224,165: for those who can maximize employee and employer annual $66,000 contributions for 20 years, assuming a 10%* annual return, you will be 3 times richer!

Use the 401(k) Savings Calculator to determine how much your contributions will accumulate over time.

Employer match in MCGRATH AUTOMOTIVE GROUP, INC. 401(K) PLAN

An employer match is deemed as ‘free’ money wherein your employer contributes additional funds to your allocated retirement savings plan. The matching amount can frequently be several percentage points of your compensation. Don’t avoid this free salary ‘raise’.

MCGRATH AUTOMOTIVE GROUP, INC. 401(K) PLAN Total Employer Contribution and Match Rate

In 2023, MCGRATH AUTOMOTIVE GROUP, INC. 401(K) PLAN allocates $1,082,254.00 to match its employees' contributions, providing an employer match rate of 38.88% of their contributions

MCGRATH AUTOMOTIVE GROUP, INC. 401(K) PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in MCGRATH AUTOMOTIVE GROUP, INC. 401(K) PLAN is approximately $1,364.00
Investing in this additonal $1,364.00 for 20 years would give you extra $87,344.00, assuming a 10% annual return.

MCGRATH AUTOMOTIVE GROUP, INC. 401(K) PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute up to 100% of eligible compensation limited to the maximum amount deductible by employee salary reduction under the Internal Revenue Code.

2. Employer Match/Contribution Conditions: The employer matches 50% of each participant’s elected salary deferral up to 6% of the participant’s compensation for the Plan year.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their salary deferrals and rollover contributions. Vesting in employer contributions is 20% after two years of service and 20% for each year thereafter, becoming 100% vested after six years of service or upon death, disability, or reaching normal retirement age.

4. Roth 401(k) Contribution: The Plan allows participants to designate all or a portion of their elective deferrals as Roth elective deferrals.

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