What is MGC CONTRACTORS, INC. 401(K) PLAN's employer match?

In 2024, MGC CONTRACTORS, INC. 401(K) PLAN reported $377,458 in employer contributions. That is about 29.5% of reported employee contributions.

How many participants are in MGC CONTRACTORS, INC. 401(K) PLAN?

At the end of 2024, MGC CONTRACTORS, INC. 401(K) PLAN reported 338 plan participants.

What are MGC CONTRACTORS, INC. 401(K) PLAN's total assets?

At the end of 2024, MGC CONTRACTORS, INC. 401(K) PLAN reported total plan assets of $17,841,307.

When was MGC CONTRACTORS, INC. 401(K) PLAN established?

MGC CONTRACTORS, INC. 401(K) PLAN was established in 1995.

What are the investment options in MGC CONTRACTORS, INC. 401(K) PLAN?

MyPlanIQ tracks the investment lineup for MGC CONTRACTORS, INC. 401(K) PLAN on its investment options page: https://www.myplaniq.com/invest/planinvestments/mgc-contractors-inc-401k-plan/

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MGC CONTRACTORS, INC. 401(K) PLAN

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Contribution & Savings

MGC CONTRACTORS, INC. 401(K) PLAN Average Participant Retirement Account Value

In 2024, the average participant retirement account value for MGC CONTRACTORS, INC. 401(K) PLAN is $52,784.00

MGC CONTRACTORS, INC. 401(K) PLAN Estimated Average Employee Contribution Amount

In 2024, the estimated average employee contribution amount per participant for MGC CONTRACTORS, INC. 401(K) PLAN is $4,521.00. 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.
289,389.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 4,521.00 in MGC CONTRACTORS, INC. 401(K) PLAN, assuming a 10%* annual return.

2023 & 2024 401(k) contribution limits by IRS

	Pretax and roth employee contributions	Employee and employer contributions combined	Catch-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.

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