MCGRATH RENTCORP EMPLOYEE STOCK OWNERSHIP AND 401(K) PLAN Contribution & Employer Match

MCGRATH RENTCORP EMPLOYEE STOCK OWNERSHIP AND 401(K) PLAN Contribution & Employer Match

MCGRATH RENTCORP provides the following retirement savings benefits to its employees:

MCGRATH RENTCORP EMPLOYEE STOCK OWNERSHIP AND 401(K) PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for MCGRATH RENTCORP EMPLOYEE STOCK OWNERSHIP AND 401(K) PLAN is $87,216.00

MCGRATH RENTCORP EMPLOYEE STOCK OWNERSHIP AND 401(K) PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for MCGRATH RENTCORP EMPLOYEE STOCK OWNERSHIP AND 401(K) PLAN is $4,965.00. 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.
317,795.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 4,965.00 in MCGRATH RENTCORP EMPLOYEE STOCK OWNERSHIP AND 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 RENTCORP EMPLOYEE STOCK OWNERSHIP AND 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 RENTCORP EMPLOYEE STOCK OWNERSHIP AND 401(K) PLAN Total Employer Contribution and Match Rate

In 2023, MCGRATH RENTCORP EMPLOYEE STOCK OWNERSHIP AND 401(K) PLAN allocates $3,054,102.00 to match its employees' contributions, providing an employer match rate of 46.16% of their contributions

MCGRATH RENTCORP EMPLOYEE STOCK OWNERSHIP AND 401(K) PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in MCGRATH RENTCORP EMPLOYEE STOCK OWNERSHIP AND 401(K) PLAN is approximately $2,152.00
Investing in this additonal $2,152.00 for 20 years would give you extra $137,746.00, assuming a 10% annual return.

MCGRATH RENTCORP EMPLOYEE STOCK OWNERSHIP AND 401(K) PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute a percentage of their salary, not to exceed the statutory limit.

2. Employer Match/Contribution Conditions: The employer matches 100% of the employee’s deferral into the KSOP, up to a maximum of 4% of the employee’s eligible compensation, provided the employee has completed a minimum of 1,000 hours and one year of service to the Company.

3. Vesting Schedule/Eligibility: A participant receives one year of credited service for vesting purposes at the end of each Plan year in which they complete 1,000 hours of service. The vesting schedule for discretionary non-elective contributions is 0% after less than 2 years, 20% after 2 years, 40% after 3 years, 60% after 4 years, 80% after 5 years, and 100% after 6 years. Eligibility requires employees to be 21 years or older and have at least two months of eligibility service for elective deferral contribution.

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