SWA ProfitSharing: Employees Earn $586M
 

Congrats, what do they mean by 10% going to your profit sharing plan?

Means nothing for pilots...it will all go into our 401k unless you've topped out the 401k already, then the balance will come back as cash.

The above statement applies to employees not covered by a CBA. 10% into their retirement plans and the remaining 3.2% as cash.

Is it even possible for a SWA pilot to have topped out their 401K in Feb already? That's one he$^$ of a paycheck!

Can the pilot change it to where the profit sharing goes to them, or does it have to go to your retirement

The way our PS plan is tied in to our overall retirement dictates that our PS funded in 2017 is part of our 2016 retirement dollars. So the majority of SWA pilots either have already filled their $53,000 retirement bucket for 2016 or will fill it with part of the upcoming PS amount causing all or some of that amount to be paid to us as cash.

Wow so the IRS allows them (SWA) as late as feb to go back and put money in your 2016 401k.... that's pretty unique, I've never heard of a company doing that but I'm also not a cpa.

Any 401(k) sponsor can put prior-year money into an employee's account until April 15, up to the allowable limit. (Longer if the employee files an extension.) However, the last date for employee contributions is Dec 31 of the plan year.

(Mostly useless cocktail trivia, but hey, "The more you know.")