MCMAHON ASSOCIATES, INC. 401(K) PROFIT SHARING PLAN Contribution & Employer Match

MCMAHON ASSOCIATES, INC. 401(K) PROFIT SHARING PLAN Contribution & Employer Match

MCMAHON ASSOCIATES, INC. provides the following retirement savings benefits to its employees:

MCMAHON ASSOCIATES, INC. 401(K) PROFIT SHARING PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for MCMAHON ASSOCIATES, INC. 401(K) PROFIT SHARING PLAN is $256,442.00

MCMAHON ASSOCIATES, INC. 401(K) PROFIT SHARING PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for MCMAHON ASSOCIATES, INC. 401(K) PROFIT SHARING PLAN is $4,016.00. 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.
257,079.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 4,016.00 in MCMAHON ASSOCIATES, INC. 401(K) PROFIT SHARING 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 MCMAHON ASSOCIATES, INC. 401(K) PROFIT SHARING 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’.

MCMAHON ASSOCIATES, INC. 401(K) PROFIT SHARING PLAN Total Employer Contribution and Match Rate

In 2023, MCMAHON ASSOCIATES, INC. 401(K) PROFIT SHARING PLAN allocates $1,928,452.00 to match its employees' contributions, providing an employer match rate of 356.94% of their contributions

MCMAHON ASSOCIATES, INC. 401(K) PROFIT SHARING PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in MCMAHON ASSOCIATES, INC. 401(K) PROFIT SHARING PLAN is approximately $14,179.00
Investing in this additonal $14,179.00 for 20 years would give you extra $907,506.00, assuming a 10% annual return.

MCMAHON ASSOCIATES, INC. 401(K) PROFIT SHARING PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees may contribute a portion of their compensation to the Plan, not to exceed the amount allowed by the Internal Revenue Service (IRS).

2. Employer Match/Contribution Conditions: The employer's contributions vary by group, including 10% to McMahon divisions, 12% to Integrated Resource Operations, LLC, and an additional 10% to the McMahon owner group for 2022; for 2021, contributions were 15% for McMahon shareholders and non-owners of eligible compensation.

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