MGA ENTERTAINMENT INC. EMPLOYEE SAVINGS PLAN Contribution & Employer Match

MGA ENTERTAINMENT INC. EMPLOYEE SAVINGS PLAN Contribution & Employer Match

MGA ENTERTAINMENT provides the following retirement savings benefits to its employees:

MGA ENTERTAINMENT INC. EMPLOYEE SAVINGS PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for MGA ENTERTAINMENT INC. EMPLOYEE SAVINGS PLAN is $68,489.00

MGA ENTERTAINMENT INC. EMPLOYEE SAVINGS PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for MGA ENTERTAINMENT INC. EMPLOYEE SAVINGS PLAN is $5,341.00. 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.
341,877.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 5,341.00 in MGA ENTERTAINMENT INC. EMPLOYEE SAVINGS 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 MGA ENTERTAINMENT INC. EMPLOYEE SAVINGS 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’.

MGA ENTERTAINMENT INC. EMPLOYEE SAVINGS PLAN Total Employer Contribution and Match Rate

In 2023, MGA ENTERTAINMENT INC. EMPLOYEE SAVINGS PLAN allocates $1,710,097.00 to match its employees' contributions, providing an employer match rate of 31.70% of their contributions

MGA ENTERTAINMENT INC. EMPLOYEE SAVINGS PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in MGA ENTERTAINMENT INC. EMPLOYEE SAVINGS PLAN is approximately $1,568.00
Investing in this additonal $1,568.00 for 20 years would give you extra $100,409.00, assuming a 10% annual return.

MGA ENTERTAINMENT INC. EMPLOYEE SAVINGS PLAN Contribution & Match Policy

1. Employee Contribution Rates: Participants may contribute up to 85% of compensation, subject to the statutory annual maximum as determined by the Internal Revenue Code.

2. Employer Match/Contribution Conditions: Company matching contributions are equal to 50% of the participant's elective contributions, up to a maximum of 6% of the participant's compensation.

3. Vesting Schedule/Eligibility: Participants are fully vested immediately regarding voluntary contributions, rollover contributions, profit sharing contributions, matching employer contributions, and related earnings. Non-elective employer contributions vest at 20% per year and are fully vested after five years of service.

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