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SWA ProfitSharing: Employees Earn $586M

Old 02-09-2017, 10:19 AM
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Default SWA ProfitSharing: Employees Earn $586M

Southwest Airlines Employees Earn $586 Million In 2016 ProfitSharing
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Old 02-09-2017, 10:26 AM
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Congrats, what do they mean by 10% going to your profit sharing plan?
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Old 02-09-2017, 11:02 AM
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Originally Posted by Ohlsan View Post
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.
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Old 02-10-2017, 07:47 AM
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Originally Posted by Smooth at FL450 View Post
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!
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Old 02-10-2017, 07:48 AM
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Can the pilot change it to where the profit sharing goes to them, or does it have to go to your retirement
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Old 02-10-2017, 08:44 AM
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Originally Posted by full of luv View Post
Is it even possible for a SWA pilot to have topped out their 401K in Feb already? That's one he$^$ of a paycheck!
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.
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Old 02-10-2017, 03:39 PM
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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.
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Old 02-11-2017, 04:33 AM
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Originally Posted by full of luv View Post
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.")
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