I don’t think that’s correct because all mine went into my 401K and it was over $40.5. Hope below is helpful but I’m definitely not a retirement specialist.

This is copied from the Union:

Looking at the schematic, you can see money comes from three sources — Pilot contributions, the Company's non-elective contribution (NEC) which is Company money that does not require Pilot contributions, and profit sharing. Pilot contributions are limited by the IRS 402(g) limit ($20,500 in 2022). Money from both the NEC and profit sharing flow as qualified money into the qualified plan until the Pilot hits the IRS 401(a)(17) limit ($305,000 in 2022). Contributions based on income above $305,000 continue to flow and can be contributed into the 401(a)(17) Plan or paid as cash. The 401(a)(17) Plan is elected by the Pilot each fall of the previous year.*

In the Qualified Plan, the Pilot's contribution and money below $305,000 from both the NEC and profit sharing cannot exceed the IRS 415(c) limit ($61,000 in 2022). Any money over that “spills over.” Just like the 401(a)(17) side, based on the Pilot's election in the fall of the previous year, the additional money is paid as cash or deposited into the non-qualified 415 Excess Benefit Plan.