Annual report pursuant to Section 13 and 15(d)

Retirement Plans

v3.20.4
Retirement Plans
 12 Months Ended
Dec. 31, 2020
Retirement Benefits [Abstract]  
Retirement Plans
14.
Retirement Plans
The Company has its own defined contribution plan 
(the “Marcus & Millichap, Inc. 401(k) Plan”) under Section 401(k) of the Internal Revenue Code for all eligible employees who
 
have completed one month of service. The contribution plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (“ERISA”), as amended. Participants may contribute up to 100% of their annual eligible compensation, subject to IRS limitations and ERISA. The Company matches employees’ contributions each pay period, dollar for dollar, up to a maximum of $4,000. Employees become vested in these Company contributions 33% upon one year of service, 66% upon two years of service and 100% upon three years of service. The Company suspended matching contributions effective as of the May 15, 2020 pay date, until further notice. Company matching contributions aggregated $1.0 million, $1.1 million and $920,000 for the years ended December 31, 2020, 2019 and 2018, respectively, which is included in selling, general and administrative expense in the consolidated statements of net and comprehensive income.