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Originally Posted by Flyinhigh
(Post 1503769)
Reference the Pilot Benefit Book Page R-85. Catch-up contributions are excluded from the limit. So the $5,500 doesn"t count towards the cap. If you hit the cap by maxing out your contributions to the Pilot Retirement Savings Plan (PRSP), employer match, after tax Optional Savings Plan (OSP), Pilot Money Purchase Plan, and Sick Bank contibutions, the excess will be returned to you as ordinary income subject to Medicare, State and Federal Taxes, ALPA Dues, etc.
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For soon to be retiring here is another thought on 401 Contributions.
I'm retiring early next year so I have increased my Pre-Tax 401 and Catch-Up Contributions to the max 15%/30% starting in January. 45% of my 2014 earnings including any vacation buy-back should be tax free. This only works for those who will be working part of the year due to the IRS limits others have already spoke of. If anyone knows differently or can add-on please put it out there. |
Good plan db. The expected limit of $23k should be hit in Mar 14.
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Actually "tax deferred"...but still a great idea!
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