MECHANICS BANK PROFIT SHARING/401(K) PLAN Contribution & Employer Match

How MECHANICS BANK Supports Your Retirement Savings

MECHANICS BANK provides retirement savings benefits through MECHANICS BANK PROFIT SHARING/401(K) PLAN. Understanding your employer’s contribution structure is essential — it directly affects how quickly your retirement nest egg grows. Below you will find the plan’s average account values and contribution patterns based on publicly filed data.

MECHANICS BANK PROFIT SHARING/401(K) PLAN Average Participant Retirement Account Value

In 2024, the average participant retirement account value for MECHANICS BANK PROFIT SHARING/401(K) PLAN is $92,304.00

MECHANICS BANK PROFIT SHARING/401(K) PLAN Estimated Average Employee Contribution Amount

In 2024, the estimated average employee contribution amount per participant for MECHANICS BANK PROFIT SHARING/401(K) PLAN is $4,608.00. 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.
294,918.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 4,608.00 in MECHANICS BANK PROFIT SHARING/401(K) PLAN, assuming a 10%* annual return.

* Data are from public filings.

Employer Match in MECHANICS BANK PROFIT SHARING/401(K) PLAN

An employer match is one of the most valuable benefits in any 401(k) plan — it is essentially free money added to your retirement savings. Your employer contributes additional funds based on a percentage of your own contributions. Missing out on the full match is one of the most common and costly retirement mistakes employees make.

MECHANICS BANK PROFIT SHARING/401(K) PLAN Total Employer Contribution and Match Rate

In 2024, MECHANICS BANK PROFIT SHARING/401(K) PLAN allocates $3,486,259.00 to match its employees’ contributions, providing an employer match rate of 30.80% of their contributions

MECHANICS BANK PROFIT SHARING/401(K) PLAN Estimated Average Employer Match

In 2024, the estimated average employer match for an employee in MECHANICS BANK PROFIT SHARING/401(K) PLAN is approximately $1,499.00
Investing in this additonal $1,499.00 for 20 years would give you extra $95,965.00, assuming a 10% annual return.

* Data are from public filings.

Are You Leaving Dollars on the Table?

If you are not contributing enough to capture the maximum employer match, you are literally turning down part of your compensation. For many plans, this can mean thousands of dollars per year in lost employer contributions — money that would compound over decades.

Use the policy details and calculator below to find out exactly how much you need to contribute to capture every dollar of employer matching.

MECHANICS BANK PROFIT SHARING/401(K) PLAN Contribution & Match Policy

MECHANICS BANK PROFIT SHARING/401(K) PLAN Plan Policies

MECHANICS BANK PROFIT SHARING/401(K) PLAN Contribution, Match and Other Plan Policies

  • Employees are eligible to participate in the Plan when their employment starts at the Bank, with their first hour of work.
  • Upon enrollment, employees may immediately participate in the elective salary deferral component of the Plan.
  • Employees that are subject to the automatic enrollment feature of the Plan will be notified prior to deferring, and they will begin with a 3% deferral contribution on a pre-tax basis.
  • Participants who were automatically enrolled may also be subject to a 1% automatic increase in their deferral contribution percentage annually until they reach a maximum of 10%.
  • Participants may elect to increase, decrease, suspend or resume their contributions.
  • The Plan has adopted a Safe Harbor 401(k) Match Contribution formula allowed under the Internal Revenue Code, which provides that the Bank shall annually contribute employer matching contributions equal to 100% of the first 1% and 50% of employee contribution that exceeds 1% up to 6% of eligible participants’ Section 401(k) Deferrals (applicable contributions) of Included Compensation which is defined to be W-2 wages.
  • Participants are 100 percent vested in their elective salary deferrals and after being credited with a minimum two years of cumulative service they are 100% vested in their employer matching contributions.
  • A Participant becomes 100% vested in the profit sharing segment of the Plan after being credited with a minimum three (3) years of cumulative service (three-year cliff vesting).

2025 IRS 401(k) Contribution Limits

The IRS sets annual limits on how much you and your employer can contribute to a 401(k) plan. Knowing these limits helps you maximize tax-advantaged savings. Here are the current limits:

 20242025
Employee elective deferrals (pretax + Roth)$23,000$23,500
Employee + employer contributions combined$69,000$70,000
Catch-up contributions (age 50+)$7,500$7,500
Enhanced catch-up (ages 60–63, SECURE 2.0)N/A$11,250

The power of maxing out: If you contribute the full $23,500 annually for 20 years at a 10% average annual return, you would accumulate approximately $1,505,256. If you can maximize the combined employee+employer limit of $70,000 per year, that grows to roughly $4,480,385 over the same period — more than triple.

Use the 401(k) Savings Calculator to model your specific contribution scenario and see how your savings can grow over time.

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