Question about the 401K

[wings396]

Just wanted to ask when the contributions were supposed to start going into the 401 for the LUS side?
Also, if you weren't currently in a plan with the company, what needs to be done to get the ball rolling? I don't know if they just open an account for you, or if you need to call to set it up.
Thanks

 

[Rogallo]

No later than Jan 1 2021

Implementation Schedule.

5) The IAM National Pension Plan contribution rates provided for in Article 30 – Retirement shall be effective no later than May 1, 2020. The employer matching contributions and employer nonelective contributions provided for in Article 30 – Retirement shall be implemented no later than January 1, 2021. For the time period from May 1, 2020 until such time as the employer matching contributions and employer non-elective contributions provided for in Article 30 – Retirement can be made effective for employees covered by the JCBAs, but no later than January 1, 2021, the following will apply:

a. TWU Designated Employees will receive contributions to the 401(k) Plan in the amount of 9%; no employee contribution will be required; and will not receive any employer matching contributions to the 401(k) Plan.

b. IAM Designated Employees will receive employer contributions to the 401(k) Plan in the amount of 4%; no employee contribution will be required; and will not receive any employer matching contributions to the 401(k) Plan.

c. The employer contributions provided for in paragraphs 5) a. and b. above will be made to employees on a monthly basis and will be made after the last pay period of each month. For example, contributions for eligible compensation earned in May will be contributed in June. These contributions will be reflected in employees’ Fidelity 401(k) statements but will not appear in the employees’ Company payroll statements.

 

[Buck]

No later than Jan 1 2021

Implementation Schedule.

5) The IAM National Pension Plan contribution rates provided for in Article 30 – Retirement shall be effective no later than May 1, 2020. The employer matching contributions and employer nonelective contributions provided for in Article 30 – Retirement shall be implemented no later than January 1, 2021. For the time period from May 1, 2020 until such time as the employer matching contributions and employer non-elective contributions provided for in Article 30 – Retirement can be made effective for employees covered by the JCBAs, but no later than January 1, 2021, the following will apply:

a. TWU Designated Employees will receive contributions to the 401(k) Plan in the amount of 9%; no employee contribution will be required; and will not receive any employer matching contributions to the 401(k) Plan.

b. IAM Designated Employees will receive employer contributions to the 401(k) Plan in the amount of 4%; no employee contribution will be required; and will not receive any employer matching contributions to the 401(k) Plan.

c. The employer contributions provided for in paragraphs 5) a. and b. above will be made to employees on a monthly basis and will be made after the last pay period of each month. For example, contributions for eligible compensation earned in May will be contributed in June. These contributions will be reflected in employees’ Fidelity 401(k) statements but will not appear in the employees’ Company payroll statements.

And if the Market takes a Bearish move?

 

[Rogallo]

And if the Market takes a Bearish move?

And if it doesn't?

 

[swamt]

Here let me hold your hand. C'mon people! Put your GD big boy pants on for God Sakes...

 

[dfw gen]

Here let me hold your hand. C'mon people! Put your GD big boy pants on for God Sakes...

Sometimes it just makes you wonder...

 

[Buck]

And if it doesn't?

View attachment 15199

I don't know but when the market becomes "bearish" I buy or increase my 401k allotment.

 

[eolesen]

Also, if you weren't currently in a plan with the company, what needs to be done to get the ball rolling? I don't know if they just open an account for you, or if you need to call to set it up.

My experience (two employers removed from AA and both with 401K's) is they open up the account for you and send you the details.

 

[Buck]

I just checked my 401k and the new matching percentage has not been applied?

 

[Rogallo]

I just checked my 401k and the new matching percentage has not been applied?

Surprised?

 

[Talos]

I just checked my 401k and the new matching percentage has not been applied?

From what I read they are going to put the 401k money in after the month is done. So money put in for May the beginning of June. The contribution will not be reported in our checks. We can hope but at this point nothing would surprise me.

 

[dfw gen]

From what I read they are going to put the 401k money in after the month is done. So money put in for May the beginning of June. The contribution will not be reported in our checks. We can hope but at this point nothing would surprise me.

Im sure it will all work as planned...

 

[eolesen]

Sounds right. Contributions to retirement are usually made in arrears so it's based on actual hours paid/worked.