an over 40 victim of fate
- Jun 12, 2003
- Total Time
Has anyone been told they can't contribute the max of $14000 to their 401K since other employee groups aren't participating at a high enough level?
In 2005, a worker can contribute up to 100% of pay not to exceed $14,000. A worker over 50 can contribute an additional $4,000 as a catch up payment. Next year it will be $15,000 and $5,000.viper548 said:Hey guys,
I'm new, what is our limit for 401k contributions?
Andy Neill said:Some would suggest that an avenue of relief would be to designate the pilots as a separate group so that they would not be impacted by the lower contributiuon rates of their co-workers. I don't see how this would be allowed any more than executives being designated a separate group.
Dave Benjamin said:One of our pilots did some research and from what he said pilots at unionized airlines are required to have 401K's that are separate from other bargaining units. If that's the case it puts a senior SKYW pilot way behind a colleague at most other carriers in terms of retirement saving potential.