shoelu

Sorry, my original quote was for profit sharing not 401(k), here is the 401(k) language:

If the pilot’s contribution reaches the “402(g) limit” imposed by the Internal Revenue Service, the Company will continue to contribute at the same rate on the amount above the 402(g) limit (including Option Exercise Profits in the year in which options are exercised), up to a maximum Company contribution in any one (1) year of twenty five thousand dollars ($25,000). To give pilots the opportunity to receive such contributions in excess of the 402(g) limit tax-deferred, the Company will maintain a tax-deferred “401(a)(17) Plan,” incorporating the current 415 Excess Plan investment options and rabbi trust provisions. Participants will be one hundred (100) percent vested in all contributions and earnings in the 401(a)(17) Plan from the date of participation.

Dragon7

Interesting but depending on when you started class, for example getting hired for your first year in January, you never get first year pay only for a tax year. Into my second year and those numbers are pretty close to my 2nd W2. Flew about 700 hours on reserve, breaking min guarantee about half the time. PBS isn't ideal but never have known anything different. Have no problem getting most of what i want bidding, but then i don't ask for Christmas and Thanksgiving off along with weekends. But have been home both Thanksgivings and one Christmas so far. Aggressive pickup is a big deal and a huge quality of life controller. Full disclosure SWA turned me down in 2011 but i refused a second interview offer in 2014. They actually called me to make sure i did it on purpose. Happier where i am due to what i perceive is a much better opportunity for my situation. Congrats on SWA since it is a great job, just not for me.

Sr. Barco

SWA does not stop contributing at $18k. Every year they put more into my 401(k) than I do. They can only put $18k into the 401(k) in the present year but they make a separate "catchup" payment in February of the next year. In this case February 2015 for 2014's overage. Since the 415 limit applies to ALL qualified tax deferred plans and the SWA profit sharing plan is a qualified plan it goes towards this limit.

Example:

Typical SWA Captain with $225,000 gross
Employee contribution: $18,000
Company match at 9.3%: $20,925
2014 profit sharing at 9.6%: $21,600
Total: $60,525

This is how it was explained to me many years ago and this might be the ERISA limit, not the 415 limit. I'm a low time flyer and our profit sharing has been in single digits forever so I've only been over the limit twice that I can remember. I ended up getting a check for the overage because I don't participate in the Top Hat program. Any other SWA guys care to weigh in?

SayAgain

Know this is an older thread, but when I went onto the Southwest Pilot hiring page, in the notes section below requirements #1 states still need a type before beginning training. Just something they haven't removed?

https://www.southwest.com/html/about...ns/pilots.html

Warhawg01

Yes. 28 people in my class. Six had type ratings. That is an out of date page. The one I read back in the fall read something like "type rating is not required, but having one may be helpful." Again, 22 people in my class didn't have one.

SayAgain

Thanks. Filler.