MONA ELECTRIC GROUP, INC. 401(K) RETIREMENT PLAN Contribution & Employer Match

How MONA ELECTRIC GROUP, INC. Supports Your Retirement Savings

MONA ELECTRIC GROUP, INC. provides retirement savings benefits through MONA ELECTRIC GROUP, INC. 401(K) RETIREMENT 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.

MONA ELECTRIC GROUP, INC. 401(K) RETIREMENT PLAN Average Participant Retirement Account Value

In 2024, the average participant retirement account value for MONA ELECTRIC GROUP, INC. 401(K) RETIREMENT PLAN is $151,832.00

MONA ELECTRIC GROUP, INC. 401(K) RETIREMENT PLAN Estimated Average Employee Contribution Amount

In 2024, the estimated average employee contribution amount per participant for MONA ELECTRIC GROUP, INC. 401(K) RETIREMENT PLAN is $5,201.00. 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.
332,893.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 5,201.00 in MONA ELECTRIC GROUP, INC. 401(K) RETIREMENT PLAN, assuming a 10%* annual return.

* Data are from public filings.

Employer Match in MONA ELECTRIC GROUP, INC. 401(K) RETIREMENT 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.

MONA ELECTRIC GROUP, INC. 401(K) RETIREMENT PLAN Total Employer Contribution and Match Rate

In 2024, MONA ELECTRIC GROUP, INC. 401(K) RETIREMENT PLAN allocates $294,970.00 to match its employees’ contributions, providing an employer match rate of 43.29% of their contributions

MONA ELECTRIC GROUP, INC. 401(K) RETIREMENT PLAN Estimated Average Employer Match

In 2024, the estimated average employer match for an employee in MONA ELECTRIC GROUP, INC. 401(K) RETIREMENT PLAN is approximately $2,359.00
Investing in this additonal $2,359.00 for 20 years would give you extra $151,024.00, 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.

MONA ELECTRIC GROUP, INC. 401(K) RETIREMENT PLAN Contribution & Match Policy

MONA ELECTRIC GROUP, INC. 401(K) RETIREMENT PLAN Plan Policies

MONA ELECTRIC GROUP, INC. 401(K) RETIREMENT PLAN Contribution, Match and Other Plan Policies

  • Each year, participants may contribute up to 75% of their pretax annual compensation, as defined in the Plan Document, subject to Internal Revenue Code (IRC) limitations.
  • Participants who have attained age 50 before the end of the Plan year are eligible to make catch-up contributions.
  • Participants may also contribute amounts representing distributions from other qualified plans and certain individual retirement accounts.
  • All eligible employees, after three months of service, are automatically enrolled in the Plan unless they affirmatively elect not to participate or elect to contribute an amount different from the assigned deferral rate.
  • If a voluntary election change is not submitted within a 30-day grace period, automatically enrolled participants will have their deferral rate set at 5% of eligible compensation and their contributions invested in a designated balanced fund.
  • All participants were eligible to receive Company safe harbor matching contributions upon completing three months of service.
  • The safe harbor matching contribution is based on up to 5% of the participant’s annual compensation calculated by 100% of the participants first 3% of compensation contributed and 50% of the next 2% of compensation contributed.
  • The Plan also allows for discretionary matching contributions, the amount of which is determined annually by the Company.
  • For the years ended December 31, 2024 and 2023, the Company did not elect to contribute a discretionary match.
  • Participants are immediately vested in their contributions, the Company’s safe harbor contributions and stated tiered matching plus actual earnings thereon. Vesting in the Company’s discretionary contribution portion of their accounts plus actual earnings thereon is based on the following schedule: Years of Service
  • Less than 2 years: 0%

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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