MARS VETERINARY HEALTH 401(K) SAVINGS PLAN Contribution & Employer Match

MARS VETERINARY HEALTH 401(K) SAVINGS PLAN Contribution & Employer Match

MARS, INCORPORATED provides the following retirement savings benefits to its employees:

MARS VETERINARY HEALTH 401(K) SAVINGS PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for MARS VETERINARY HEALTH 401(K) SAVINGS PLAN is $52,657.00

MARS VETERINARY HEALTH 401(K) SAVINGS PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for MARS VETERINARY HEALTH 401(K) SAVINGS PLAN is $3,595.00. 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.
230,096.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 3,595.00 in MARS VETERINARY HEALTH 401(K) 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 MARS VETERINARY HEALTH 401(K) 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’.

MARS VETERINARY HEALTH 401(K) SAVINGS PLAN Total Employer Contribution and Match Rate

In 2023, MARS VETERINARY HEALTH 401(K) SAVINGS PLAN allocates $38,115,457.00 to match its employees' contributions, providing an employer match rate of 27.34% of their contributions

MARS VETERINARY HEALTH 401(K) SAVINGS PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in MARS VETERINARY HEALTH 401(K) SAVINGS PLAN is approximately $945.00
Investing in this additonal $945.00 for 20 years would give you extra $60,490.00, assuming a 10% annual return.

MARS VETERINARY HEALTH 401(K) SAVINGS PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute up to 85% of their annual eligible earnings.

2. Employer Match/Contribution Conditions: Employers match 50% of the first 4% of employee pre-tax and/or Roth contributions made by Pet Partner associates and 100% of pre-tax contributions from VCA Union associates (up to 8% of eligible earnings). For Kinship and PrettyLitter associates, they match 100% of the first 1% and 50% from 2% to 6% of contributions (up to 3.5% of eligible earnings). A True Up Matching Contribution is made for each eligible nonunion associate.

3. Vesting Schedule/Eligibility: Participants hired on or after the effective dates are 100% vested in matching contributions after two years of continuous employment. All participants are 100% vested in their contributions. VCA associates before July 27, 2020, and VCA Union associates have a 5-year graded schedule; BluePearl associates and BluePearl Union associates have a 6-year graded schedule.

4. Roth 401(k) Contribution: Yes, it allows Roth 401(k) contributions, except for VCA Union associates who may not make Roth contributions.

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