Bonus, 401k?
 

Just wondering about 'total compensation' elements.

Do newhires get 401k matching from day one?

How is the bonus figured, when is it paid out, and do newhires get it? Is it cash, or extra added into your 401k, or both?

Yes. Although it's not matching -- the company makes a direct, non-elective contribution to each pilot's 401k account, even if you don't contribute anything, and starts with the very first paycheck.

The amount is 13.4% of your pay this year, 14.2% in 2018, and 15% beginning in 2019.

I'll have to defer to someone else on the bonus question; not sure on that yet.

Who administers the 401K?

Anybody have any experience rolling over their existing 401K from previous employer?

The pilots have a 401K through SWAPA.

I came in with a rollover from a part 91 job. It went in during the transition to the current provider or whatever you call it (SWAPA changed plans), but it went in without any hassle and happened fairly quickly. No problems there.

If you have questions on how to do it, the plan has help for that.

401k is through Schwab.

As far as profit sharing you have to be employed as of Jan 1 to receive it so those starting this year will be ineligible for next year's payout. This year it was around 13.5%.

Is it paid out once a year? On January 1? Are you saying someone who started on January 2, 2017 won't get the bonus until 2019?

Paid out once a year into a retirement account. Comes back as cash once you reach the IRS limits. And yes if you start 1/2 you're SOL for the year 😩

Another good reason to take the earliest class date. I took the December class. My buddy who got the job offer the same day wanted Christmas off, so he took the January 5th class. Hope the break is worth a year of profit sharing.

Plus I had a type and got six days off for Christmas anyway.

Baa-Zinga!!!!!!