Perhaps there is some confusion around the 401k and the retirement plan, particularly at our union store. Through our recent ownership change, we did agree to the specific request from the union, matching exactly what they initially requested from us. Further, we allow all Union employees to participate in the MAG Group plan, although we do not match to the Union staff as they already have a match, as I previously mentioned. We have great respect for all employees, both the union and non-union team members. Good people are good people. For all non-union employees we match 100% up to 3% of deferments and 50% of the next 2%. So basically we match 80% up to 5%, which is at the top of the industry in this market and nationally. We want employees to invest in themselves. We encourage them to do so with a robust match and a solid 401k plan. I am not the benefits expert. I simply want to have a well-rounded approach to compensation and benefits that provides all employees a chance to earn a living wage. Thank for the feedback. KS/CEO of MAG
