Retirement pay
How does retirement pay structure work. The APC synopsis is a little confusing. What is the actuall 401k match? Defined contribution?? Vesting requirements?
APC says;
401K:
January 1, 2022, 401K match is now 59% up to 80% of eligible compensation. Contributions above 20% will be matched with a one time 'true-up' the following February.
Increases to 60% in Jan 2023 and 1% per year through Jan 2026.
33% of all pay earned as part of the Flight & Duty Pay Program will be deposited into a pilot’s 401(k) as a non-discretionary contribution; participation is not optional.
401K Matching: Yes
What compensation is "eligible"?
Does this mean that if I contribute my max $30,500 annual contribution then NJ will contribut 60% ($18,300) plus 33% of my FDPP? what is a good average for FDPP one could expect to earn?