Retirement plans

6 Months Ended

Jun. 30, 2024

Retirement plans

Retirement plans

Note 7. Retirement plans

The Mayville Engineering Company, Inc. 401(k) Plan (the 401(k) Plan) covers substantially all employees meeting certain eligibility requirements. The 401(k) Plan is a defined contribution plan and is intended for eligible employees to defer tax-free contributions to save for retirement. Employees may contribute up to 50% of their eligible compensation to the 401(k) Plan, subject to the limits of Section 401(k) of the Internal Revenue Code.

The Company provides a 50% match for employee contributions, up to 6%. For the three months ended June 30, 2024 and 2023, the Company’s employer match expense was $922 and $770, respectively. Total employer match expense for the six months ended June 30, 2024 and 2023 was $1,976 and $1,644, respectively. Additionally, the 401(k) Plan provides for employer discretionary profit-sharing contributions and the Board of Directors may authorize discretionary profit-sharing contributions (which are usually approved at the end of each calendar year). For the three and six months ended June 30, 2024 and 2023, the Company’s estimated discretionary profit-sharing expense was $0.