Originally Posted by
MikefromMT
Can anyone confirm that this loa is still in effect? This is from page 440 of the pwa
LOA #13-01 – 02
2.
New Hire Pilot 401(k) Contributions
Amend Section 26 C. 8. c. to read:
For pilots hired (or rehired) on or after January 1, 2013, provide for automatic pre-tax employee contributions from earnings (unless the pilot elects otherwise) equal to 5% of earnings, beginning with the payroll period next following or coincident with the 90-day period following the Employee’s date of hire (or rehire), and increasing by 1% of earnings each year thereafter, to 10% of earnings.
Yes, the LOA is still in effect. All that means is that they will automatically elect for you to contribute the above amounts. Unless you change it. See bold above. It's easy to change. Takes about 90 seconds once you are set up on the 401(k) site.
This LOA does
NOT change what the company puts in for you. The company contribution goes in regardless of what you put in. In other words, if on day 1 of new hire class, you elect to take your employee contribution to 0%, the company will put in their full share.
R1