MGM Resorts International 401(k) match, vesting and fees
What MGM Resorts International's 401(k) plan says about matching contributions
The Plan permits the Plan sponsor to make matching contributions to participants who have met the eligibility requirements defined in the Plan document. The Plan sponsor elected to match 50% of deferral contributions up to 6% of eligible compensation. Employees of MGM Yonkers, Inc. on September 9, 2019 and covered by the September 9, 2019 Agreement between MGM Resorts International, MGM Yonkers, Inc. and the New York Hotel & Motel Trades Council, AFL-CIO (the "YRPBA Employees") receive the following matching contribution: 50% of deferrals up to 4% of compensation per pay period.
Quoted directly from the filing. Plan terms may have changed; check your current Summary Plan Description.
Plan features
Indented passages are quoted word for word from the audit report; plan terms may have changed since, so check your current Summary Plan Description.
| Employer match | Quoted from the filing above | Audit report, p. 37 ↗ |
| Match vesting | Participants are immediately vested in their contributions, rollovers and related earnings thereon at all times. All participants except the above-referenced DCC, IUSPFPA and National Harbor Union members vest in employer matching contributions at the rate of 20% after one year of service and are 100% vested after five years of credited service. DCC, IUSPFPA, and National Harbor Union participants vest in the above-referenced DCC, IUSPFPA, and National Harbor Union Participant employer contributions as follows: 0% if less than 2 years; 50% if at least 2 years but less than 3 years; and 100% if 3 years or greater. Participants become 100% vested in the event of death, disability, or normal retirement. Forfeitures are used to make required contributions by the employer under the Plan. At December 31, 2024 and 2023, forfeitures available to offset employer contributions were $511,319 and $339,133, respectively. During the year ended December 31, 2024, forfeitures in the amount of $388,035 were used to reduce employer contributions. | Audit report, p. 38 ↗ |
| Roth contributions | Roth contributions are also permitted under the Plan. | Audit report, p. 37 ↗ |
| Loans | The Plan permits participants to receive a loan based upon their vested account balance. Borrowings are limited to the lesser of $50,000 or 50% of the participant’s vested account balance. The minimum loan amount is $500 and participants may only have one loan outstanding at any time. Loans bear an interest rate of one percent above prime rate determined on the date of the advance by the Plan administrator. Loans generally must be repaid with interest, by payroll deduction, within five years (longer for qualified residential loans). Loans are segregated investments and to the extent a participant borrows, his or her account will not share in the earnings and gains in value attributable to other Plan investments. Accordingly, the interest that participants pay on their loans will be directly credited to their accounts. All loans are immediately due upon termination of service, retirement, disability, or death, unless otherwise provided per the Plan’s loan procedure. The loans are secured by the balance in the participant’s account and in the event of default, the unpaid loan principal will be offset against the participant’s vested account balance. | Audit report, p. 39 ↗ |
| Recordkeeper | Empower Annuity Insurance Company O | Schedule C ↗ |
| Independent auditor | Audit and Tax Solutions, Cpas, Inc. (unmodified opinion, limited scope) | Schedule H ↗ |
| Plan type and status | 401(k) · Active | Form 5500 ↗ |
| Late participant contributions | Reported on the filing | Schedule H ↗ |
All rows are from the plan year 2024 filing; plan features from its audit report.
How the plan compares
Plan year 2024 medians for 11 defined-contribution plans in arts, entertainment, and recreation with 10,000 to 49,999 participants.
| MGM Resorts International: employer contribution per participant | $1,171 | |
| Peer median | $859 |
| MGM Resorts International: average balance | $78,569 | |
| Peer median | $50,762 |
| MGM Resorts International: admin expenses ÷ assets | 0.12% | |
| Peer median | 0.14% |
Admin expenses are the plan's reported administrative expenses divided by its assets; they do not include fund expense ratios.
Plan history
Plan assets went from $2B at the end of plan year 2023 to $2.2B at the end of plan year 2024.
| Plan year | Participants | Assets | Employer contributions | Per participant | Admin expense ratio | Match formula | Filing |
|---|---|---|---|---|---|---|---|
| 2024 | 43,365 | $2.2B | $33.4M | $1,171 | 0.12% | Quoted in the audit report, p. 37 ↗ | Form 5500 ↗ |
| 2023 | 43,773 | $2B | $31.4M | $1,105 | 0.12% | Not published | Form 5500 ↗ |
Common questions
Does MGM Resorts International match 401(k) contributions?
The audit report attached to the The Mgm Resorts 401(k) Savings Plan's plan year 2024 Form 5500, page 37 says: “The Plan permits the Plan sponsor to make matching contributions to participants who have met the eligibility requirements defined in the Plan document. The Plan sponsor elected to match 50% of deferral contributions up to 6% of eligible compensation. Employees of MGM Yonkers, Inc. on September 9, 2019 and covered by the September 9, 2019 Agreement between MGM Resorts International, MGM Yonkers, Inc. and the New York Hotel & Motel Trades Council, AFL-CIO (the "YRPBA Employees") receive the following matching contribution: 50% of deferrals up to 4% of compensation per pay period.” Plan terms may have changed; check your current Summary Plan Description.
When is the MGM Resorts International 401(k) match vested?
The audit report attached to the plan year 2024 Form 5500, page 38 says: “Participants are immediately vested in their contributions, rollovers and related earnings thereon at all times. All participants except the above-referenced DCC, IUSPFPA and National Harbor Union members vest in employer matching contributions at the rate of 20% after one year of service and are 100% vested after five years of credited service. DCC, IUSPFPA, and National Harbor Union participants vest in the above-referenced DCC, IUSPFPA, and National Harbor Union Participant employer contributions as follows: 0% if less than 2 years; 50% if at least 2 years but less than 3 years; and 100% if 3 years or greater. Participants become 100% vested in the event of death, disability, or normal retirement. Forfeitures are used to make required contributions by the employer under the Plan. At December 31, 2024 and 2023, forfeitures available to offset employer contributions were $511,319 and $339,133, respectively. During the year ended December 31, 2024, forfeitures in the amount of $388,035 were used to reduce employer contributions.”
Who manages the MGM Resorts International 401(k)?
The recordkeeper listed on Schedule C of the plan year 2024 filing is Empower Annuity Insurance Company O. The plan administrator is Administrative Committee of the Mgm Resorts 401(k) Plan.
I left MGM Resorts International. How do I find my old 401(k)?
Your account stays in the plan until you move it. Contact the plan administrator (Administrative Committee of the Mgm Resorts 401(k) Plan, (702) 692-1700) or the recordkeeper, Empower Annuity Insurance Company O. The MGM Resorts International old 401(k) page lists the contacts from every plan filing. Find an old MGM Resorts International 401(k)
Data from the public Form 5500 annual reports MGM Resorts International filed with the U.S. Department of Labor (plan years 2023 and 2024) and, where noted, the attached independent auditor's report. Plan terms may have changed since the filing; check your current Summary Plan Description. PlanFacts is not affiliated with MGM Resorts International. Not financial advice. Report a correction · Methodology