Changing your 401(k) Contributions – Automatic Escalation
April 25, 2018
Section 29.I. of our JCBA provides for the establishment of our 401(k) plans. These defined contribution plans are part of the foundation of our retirement security and the security of those with whom we share our lives.
Flight Attendants may elect their 401(k) contribution amount each year during our benefits open enrollment and continue to have the option to change their contribution rate throughout the year. Flight Attendants who desire to make adjustments to the contribution amount should login to their personal Fidelity account, click on your retirement account, and select “contribution amount” from the drop down menu, then follow the remaining prompts. Additionally, through the automatic escalation process, you are able to establish an annual automatic increase.
Additionally, be aware that the Internal Revenue Service (IRS) has increased the employee contribution amounts for 401(k) participants for 2018 with the maximum employee contribution set at $18,500 up from a prior $18,000. No change has been made for participants who are over 50 years old for the “Catch-Up” contribution allowance which remains at $6,000. The combination of both maximums provides for a total $24,500 individual employee allowance.
If you have additional questions, contact Fidelity Investments or your Local Council Benefits Committee.