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Old 04-21-2023, 12:18 PM
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Default American 401(k)
What is the American 401(k) contribution?

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Old 04-21-2023, 12:21 PM
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nothing for the first year

16% after that
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Old 04-21-2023, 12:26 PM
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Originally Posted by Armyguy View Post
nothing for the first year

16% after that
16% of the average paycheck?
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Old 04-21-2023, 12:34 PM
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Originally Posted by EUhoppa View Post
16% of the average paycheck?
16% of every paycheck.
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Old 04-21-2023, 02:13 PM
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Once you make big bucks and hit the IRS limit, the 16% gets paid out as regular income
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Old 04-21-2023, 03:48 PM
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Originally Posted by AllYourBaseAreB View Post
Once you make big bucks and hit the IRS limit, the 16% gets paid out as regular income
You don’t need to make the big bucks, anyone can hit the IRS limit. It’s admittedly painful, but it’s possible.
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Old 04-21-2023, 04:17 PM
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I’m talking about the $66k limit of yours and company contributions.
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Old 04-21-2023, 04:24 PM
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Originally Posted by AllYourBaseAreB View Post
I’m talking about the $66k limit of yours and company contributions.
Yes, so am I. It’s called an automatic in-plan conversion and it negates the personal contribution limits. It’s a great deal for us at AA, and not every company 401k offers it. I will hit the $66k limit on year two pay via this method. But it does make for some real pitiful direct deposits.
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Old 04-21-2023, 08:51 PM
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Besides the 16 % direct contribution, how the 401k matching works?
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Old 04-21-2023, 08:55 PM
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Originally Posted by catrapilot View Post
Besides the 16 % direct contribution, how the 401k matching works?
there is no matching. Whatever you make, they put in 16%. Zero participation on your part required. You can put in money though, but that doesn’t increase the the company contribution
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