Qx 401k?

[MALSR]

I was just offered employment with Horizon and was wondering if anyone from QX can explain the company's current 401k benefit in detail. i.e. are you fully vested in the air group for a certian amount of time, what is the max contributiuon, how much does the company match of your contribution, etc.

Thanks

 

[Sioux115]

Quick and dirty version- 100% match up to 10% of your salary and half of that match is in airgroup stock. Fully vested after 5 years. Im not sure about the max contribution, but I don't remember any restrictions on how much of your salary you can invest.

 

[flx757]

Any 401(k) plan is limited by law as to the amount you can contribute. This tax year (2006) it is $15,000 with an additional allowable $5000 "catch-up" contribution if you are 50 or over. At Horizon, you can contribute up to 90 percent of your compensation (after meeting other payroll obligations such as insurance deductions) on a tax-deferred basis, up to the annual IRS limits. Contributions must be made in 1 percent increments.

As to vesting, here is Horizon's information:
Vesting

Vesting refers to your right to the amount in your 401(k) account. You are always 100 percent vested in your own personal contributions. The first 4 percent of the employer matching contribution will be 100 percent vested immediately. The balance of the employer match vesting will be based on your years of service with the company. An employee shall receive 20 percent of the company's contribution account for each year of service (any calendar year in which you complete at least 1000 hours of service). After five years of such service you will be fully vested in all your company contributions account.
Your account will automatically become 100 percent vested under the following circumstances:

• If your employment is terminated due to disability
• You attain 65 while employed by the company
• Upon your death while employed by the company

Participants who are 100 percent vested are able to diversify all or part of the AAG stock in their 401(k) account into any of the plan’s other investment options. Horizon recognizes that an employee getting closer to retirement age might need additional flexibility when investing retirement savings

 

[propsarebest]

QX's 401K plan is THE BEST!

 

[WestSide]

Do you have to wait the typical 90 days before you can start contributing?

 

[P-Dawg_QX]

Do you have to wait the typical 90 days before you can start contributing?

Sadly, I believe it's 6 months.

 

[PumpkinPony]

Sadly, I believe it's 6 months.

just 90 days... this is from the benefits page.

"For regular full-time employees: The 1st of the month following 90 days of employment. "

 

[Ralgha]

QX's 401K plan is THE BEST!

If it were "THE BEST", it wouldn't put half the match into company stock, and it wouldn't make you wait five years to be fully vested.

 

[Buschpilot]

If it were "THE BEST", it wouldn't put half the match into company stock, and it wouldn't make you wait five years to be fully vested.

I'm gonna hang on a limb here, but I believe it's a law that the stock be that of the employing/offering company; and vesting is a corporate standard to encourage retention. I've never worked for a company (both in and outside of aviation) that didn't have a lengthy vesting period.

Oh, and you can thank Enron for being able to sell your company stock. Prior to that, you had to hold onto it per the law.

 

[dkwid]

woooops