MGBW E-News Week of 6.23.25: 401K Open Enrollment Begins + Mayor McCann Meets Marco V

June 24, 2025

MGBW E-News Week of 6.23.25: 401K Open Enrollment Begins + Mayor McCann Meets Marco V

401K Open Enrollment Begins – Now Through Friday, June 27!

Our 401K plan is a program sponsored by MGBW that allows you to contribute a portion of your paycheck toward your retirement. If you’ve been with MGBW at least six (6) months, are 21+ and have worked a minimum of 1,000 hours, you’re automatically enrolled to apply 2% of your paycheck to the 401K plan.

Small changes can lead to big differences!

During open enrollment, changes can be made to your 401K. For example, if you increase the percentage from 2% to 5%, the results are below:

A 2% contribution from someone that makes $25/hour pre-tax would be: $52,000/year x 2% = $1,040 in your 401K
Increasing it to 5% would be $52,000 x 5% = $2,600 in your 401K
That’s a $1,560 difference!

If MGBW makes money, YOU make money!

Each year, MGBW matches your contributions by a certain percentage based on company profits. If MGBW announces a 20% match and you contributed $2,600 for the year, that means MGBW contributes another $520!

Learning how to manage your 401K can seem intimidating, but there are resources in English and Spanish to help you plan for your retirement! Visit www.mykplan.com or call the ADP 401K Services support line at 1-866-695-7526 with Star & Crescent account # 428261.

You may also contact our account’s Financial Advisor, Jackson Miller from Fiduciary Benefits Group at 1-844-967-8491.

*You can make changes to your 401K through June 27, 2025, with payroll deductions effective July 4, 2025*

Mayor McCann Meets Marco V!

Our newly electrified tug MARCO V has caused quite a stir, even drawing attention from Chula Vista Mayor John McCann! Once we pitched the MARCO V idea to Mayor McCann, he saw it as a positive asset to the City of Chula Vista and dropped by the shipyard to learn more about the intricate process behind the repower. Mayor McCann spent time discussing the MARCO V project details with Travelift & MARCO V Operator Francisco (Pancho) Zamarripa and Paint Supervisor Marco Vega, for whom the ship was named.

Photo (Left to Right): Travelift & MARCO V Operator Francisco (Pancho) Zamarripa, Mayor John McCann, Paint Supervisor Marco Vega

As a member of the Navy Reserves, Mayor McCann took a particular interest in the New Construction projects currently underway, such as the RSC 90 below.