I contribute to my 401(k) from my base pay consistently each pay period
Meet Dipti
She’s 30 years old and trying to increase her savings rate over time.
- Salary: $100,000
- Incentive pay: $6,000
Boeing 401(k) Plan Highlights for Dipti:
- Dipti contributes 8% of each paycheck in 2023 and is increasing her contributions to 10% in 2024.
- Dipti does not make an incentive pay contribution, so she doesn’t get an additional incentive pay match from Boeing.
- In 2023, Dipti receives a 2% special contribution from Boeing (to be contributed in early 2024).
- When Dipti increases her contributions in 2024 to 10%, we can really see how her savings can grow since Boeing is matching her contributions.
I do not contribute to my 401(k); I receive Boeing's automatic special contribution
Meet Jim
He is focused on paying down his mortgage and does not contribute to his 401(k), but he appreciates the 2% special contribution he will receive from Boeing in 2023.
- Salary: $100,000
- Incentive pay: $6,000
Boeing 401(k) Plan Highlights for Jim:
- Jim has never contributed to his 401(k); however, in 2023, he received a 2% special contribution.
- In 2023, Jim's 2% special contribution is $2,120 (to be contributed in early 2024).
- In 2024, Jim does not receive any contributions into his 401(k).
- Jim should contact Edelman Financial Engines, EFE, to learn how to best position himself for retirement.
I contribute more than 10% of my base pay to my 401(k)
Meet Sanjay
He’s a 50-year-old super saver and is committed to putting away as much as possible for retirement.
- Salary: $100,000
- Incentive pay: $6,000
Boeing 401(k) Plan Highlights for Sanjay:
- Sanjay contributes 16% of his base pay ($16,000) to the Boeing 401(k) plan in 2023 and 2024.
- Sanjay does not make an incentive pay contribution.
- At the end of each year, Sanjay will receive a true-up match* of $600 since Boeing provides a 10% match on all Sanjay’s contributions up to $10,600.
- In 2023, Sanjay also receives a 2% special contribution from Boeing (to be contributed in early 2024).
*The true-up is only paid if the employee is employed on 12/31 of the plan year (or terminated due to retirement, death, disability or layoff during the plan year) and did not have a match suspension during the plan year.
I contribute to my 401(k) from my base pay and my incentive pay
Meet Raymond
He likes to save a bit more while maximizing his Boeing match, so he contributes 10% from both his regular pay and his incentive pay.
- Salary: $100,000
- Incentive pay: $6,000
Boeing 401(k) Plan Highlights for Raymond:
- Raymond contributes 10% of his pay in 2023 and 2024, including 10% of his incentive pay ($600) so he receives a full Boeing match.
- In 2023, Raymond also receives a 2% special contribution from Boeing (to be contributed in early 2024).
I contribute a small amount to my 401(k) from my base pay and a large amount from my incentive pay
Meet Pat
She finds it easier to contribute a large part of her incentive pay rather than managing all her expenses with a smaller paycheck.
- Salary: $100,000
- Incentive pay: $6,000
Boeing 401(k) Plan Highlights for Pat:
- Pat normally contributes just 5% of regular pay, which means her Boeing match on her regular pay is $5,000 in 2023 and 2024.
- Pat contributes 40% of her annual incentive pay or $2,400 in 2023 and 2024, which Boeing matches, up to 10% of her total eligible incentive pay or $600 initially.
- After the end of each year, Pat will receive a true-up match* of $1,800 so she receives her maximum Boeing match based on her total contributions over the year.
- Boeing treats Pat's savings dollars equitably by matching both regular and incentive pay resulting in a full $7,400 match.
- In 2023, Pat also receives a 2% special contribution from Boeing (to be contributed in early 2024).
- Pat should contact Edelman Financial Engines, EFE, to learn how to best position herself for retirement.
*The true-up is only paid if the employee is employed on 12/31 of the plan year (or terminated due to retirement, death, disability or layoff during the plan year) and did not have a match suspension during the plan year.
