MGM Employee Benefits and Your Retirement

TL;DR: MGM employee benefits support your financial security now and in retirement.

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Main points:

• Comprehensive health, dental, and vision coverage with wellness programs
• 401k plan with 50% match up to 6% of pay
• Tax-advantaged FSAs, HSAs, and retiree medical accounts
• Tuition aid, discounts, and perks to free up savings
• Auto-enrollment and catch-up provisions boost retirement readiness

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Working at MGM Resorts comes with more than a paycheck. The company offers MGM employee benefits that support both your present and future. From MGM employee perks to a structured 401k savings plan, these programs can help you build financial stability.

When you know how they work and use them wisely, you can make a big difference in your retirement plans. Let’s go through what’s available and how to turn those benefits into long-term security.

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What Are MGM Employee Benefits?

MGM Resorts offers a wide range of benefits for employees. They go beyond pay. These benefits reduce out-of-pocket expenses and free up more money for savings.

These are some employee perks:

• Medical, dental, and vision insurance are available as part of MGM Resorts health benefits. Many plans include mental health support and wellness programs.
• Flexible Spending Accounts (FSA) and Health Savings Accounts (HSA) let you save pre-tax dollars for medical or dependent care costs
• Paid time off (PTO) grows with tenure. In some roles, unlimited PTO is available above a certain level
• Tuition assistance, adoption leave, caregiving support, and identity theft protection are part of the perk lineup
• Property discounts, wellness stipends, and employee resource groups are also included.

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MGM Resorts 401k Savings Plan

Your MGM Resorts 401k savings plan lets you convert part of each paycheck into retirement savings. You choose between pre-tax or Roth contributions.

Look at these key plan highlights:

• MGM matches 50% of your contributions up to 6% of pay. That means if you contribute 6%, MGM adds another 3%. Matching dollars vest over five years—20% each year starting after year one
• Most employees are eligible within 30 days. If you don’t choose investments, you’re placed in a default target‑date fund. You can later switch to other mutual funds or a self-directed brokerage option
• You can borrow up to half your vested balance (max $50,000) and repay within five years. Hardship withdrawals are available in certain cases but may trigger taxes and penalties

Planning doesn’t stop at contributions. MGM offers resources to help you track and adjust your retirement strategy over time. The BenefitsMGM portal provides plan summaries, calculators, and enrollment options.

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Law Updates: Catch-Up and Auto-Enrollment

Ever-changing laws and updates means you have to stay updated on what's going on and how it could affect your retirement. Keep these factors in mind:

• Workers 60–63 can contribute an extra $11,250 catch-up (up from $7,500) if the plan adopts this SECURE 2.0 feature
• New plans launched after 2022 must include automatic enrollment at 3% of pay, increasing 1% each year until 10–15%. Employees can opt out, but auto-enrollment boosts participation rates.

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MGM Resort Health Benefits and Their Role in Retirement Planning

Good health benefits cut current and future medical bills. That leaves more of your retirement savings untouched. MGM Resorts health benefits offer strong health coverage to protect your well-being now and in retirement.

• The health insurance plans include medical, dental, vision, hospital indemnity, critical illness, life, and disability coverage
• You have preventive care coverage with no cost to you. Regular checkups help avoid large future expenses.
• High-deductible plans with Health Savings Accounts (HSA) let you use tax-sheltered dollars now or later for medical costs, even in retirement.
• Retiree medical accounts (401(h) plans) offer tax-advantaged savings specifically for healthcare costs in retirement.

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Using Perks to Boost MGM Resorts Retirement Savings

MGM offers employee perks that cut everyday costs. Savings from these perks can go straight into your retirement fund.

Here are some examples of perks:

• Discounted hotel stays and dining at MGM properties
• Tuition assistance to lower education costs for employees or dependents
• Commuter benefits and gym discounts.
• Employee recognition programs with bonuses or free stays.

Here’s how you can use them:

• Hotel discounts free up cash to add to your 401k.
• Tuition aid reduces debt, letting you save more for retirement earlier.
• Wellness perks can lower medical costs and boost long-term financial health.

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Practical Steps to Maximize Benefits

You can turn MGM benefits into lasting retirement security with a few clear steps:

1. Enroll Early: Sign up for the 401k as soon as you’re eligible.
2. Get the Full Match: Contribute at least 6% of your salary.
3. Review Health Coverage Annually: Adjust to meet your needs.
4. Boost Contributions with Raises: Add 1–2% each raise.
5. Use Planning Tools: Check the portal for calculators and tips.
6. Save Perk Savings: Redirect discount savings into retirement.
7. Avoid Early Withdrawals: Keep money invested for growth.

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Consider Advanced MGM Retirement Planning Consider

Once you understand the basics of your benefits, the next step is advanced MGM retirement planning. This means looking beyond contributions and matching to coordinate all parts of your financial life. Working with a retirement planner can help with this aspect of modern retirement planning.

1. Start by reviewing beneficiary designations. Your 401k and HSA may not automatically update after major life events like marriage or divorce. Keeping these current ensures your savings go where you intend
2. Next, consider how your MGM accounts fit with outside assets (e.g. IRAs, brokerage accounts, or pensions from past employers). Combining these in one plan gives you a clearer picture of your total retirement income and tax exposure.
3. Estate planning also matters. Using trusts or transfer-on-death designations can streamline asset transfers and reduce tax burdens for heirs.
4. Finally, think about withdrawal strategies. Blending Roth and pre-tax distributions can help manage taxable income in retirement. With SECURE 2.0 changes, such as later RMD ages, you have more flexibility to time withdrawals for tax efficiency.

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Turn Today’s Benefits into Tomorrow’s Retirement

MGM offers more than a paycheck. Its employee benefits, 401k plan, and health perks help you save and plan for retirement with confidence. Using these programs early and consistently can grow your nest egg faster than relying on salary alone.

Don’t wait to see if you’re on track. Start now. Review your benefits, adjust your savings, and plan for the future you want.

Get your free portfolio review today!

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Stewart Willis is the founder and president of Asset Preservation Wealth & Tax, a financial planning firm in Phoenix, Arizona. Investment advisory services offered through Foundations Investment Advisors, LLC, an SEC registered investment adviser.

A Roth conversion may not be suitable for your situation. The primary goal in converting retirement assets into a Roth IRA is to reduce the future tax liability on the distributions you take in retirement, or on the distributions of your beneficiaries. The information provided is to help you determine whether or not a Roth IRA conversion may be appropriate for your particular circumstances. Please review your retirement savings, tax, and legacy planning strategies with your legal/tax advisor to be sure a Roth IRA conversion fits into your planning strategies.

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