Annual report pursuant to Section 13 and 15(d)

Retirement Plans

v3.22.0.1
Retirement Plans
 12 Months Ended
Dec. 31, 2021
Retirement Benefits [Abstract]  
Retirement Plans
13.
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. Company matching contributions aggregated $
1.2
 million, $
1.0
 million and $
1.1
 million for the years ended December 31, 2021, 2020 and 2019, respectively, which is included in selling, general and administrative expense in the consolidated statements of net and comprehensive income.