FREQUENTLY ASKED QUESTIONS: NONUNION EMPLOYEES AND CMM & IC LOCAL 721, SPFPA 159, IAM 725, IUOE LOCAL 302 (POWER PLANT), AND IUOE LOCAL 501 (WELDORS)
Questions and Answers about Catch-up Contributions
What are catch-up contributions?
If you are 50 years of age or older, or will turn 50 during 2024, you are eligible to make additional contributions to your Boeing 401(k) above the standard IRS individual Pre-tax/Roth contribution limit of $23,000. In 2024 you can contribute an additional $7,500 for a total of $30,500 before you reach the IRS individual Pre-tax/Roth contribution limit for the year.
How do catch-up contribution elections work in the Boeing 401(k)?
Under the Boeing 401(k) at Fidelity, catch-up contributions are applied automatically. That is why it is important for Boeing 401(k) participants who are 50 and older to review their pre-tax and/or Roth* contribution rate with Fidelity and adjust it to ensure they contribute the intended amount for the year. For instructions, see “How do I review or change my contribution rates?” below.
Remember, Boeing matches all contributions, including catch-up contributions, made by eligible nonunion employees and CMM & IC Local 721, SPFPA 159, IAM 725, IUOE Local 302 (Power Plant), and IUOE Local 501 (Weldors), subject to the 10% match maximum, and any other plan limits.
What does it mean that catch-up contributions are applied automatically?
Boeing 401(k) participants under 50 can make Pre-tax and/or Roth contributions up to $23,000 to their accounts in 2024. Those who are age 50 and older can contribute an additional $7,500. The IRS refers to that as a catch-up contribution. Under the Boeing 401(k) at Fidelity, when someone under age 50 reaches the $23,000 limit, their contributions change to After-tax. When someone age 50 and older reaches the $23,000 limit, their Pre-tax/Roth contributions continue until they reach the contribution limit of $30,500 for 2024 and then change to After-tax.
How do I update my Boeing 401(k) contribution rate to include a catch-up contribution?
To update your Boeing 401(k) contribution rate, log in to NetBenefits.com/Boeing and follow these step-by-step directions.
How do I review or change my Boeing 401(k) contribution rates?
General
How does the Boeing 401(k) work?
The Boeing 401(k)’s main provisions for 2024 include:
- Company match for eligible nonunion employees, and CMM & IC Local 721, SPFPA 159, IAM 725, IUOE Local 302 (Power Plant), and IUOE Local 501 (Weldors) employees: Boeing will match dollar-for-dollar the first 10% of eligible compensation employees contribute to their Boeing 401(k) accounts. To ensure a full 10% match, Boeing has a “true-up” process so if your contribution rate fluctuates during the year, a look-back will be conducted to ensure you receive your full company match up to 10% of eligible pay.
- The types of contributions eligible for a match include:
- Regular pay
- Eligible incentive pay deferrals.
- Catch-up contributions (for ages 50 and over).
- Continued matching after hardship withdrawal: Eligible employees who take a hardship withdrawal continue to receive the company match without interruption on their contributions following a withdrawal.
- Student Loan Match program: Boeing offers a program to help eligible employees stay on track with their retirement savings by providing special matching contributions to the Boeing 401(k) plan based on an employee’s student loan repayments, up to 10% of the employees contributions to their 401(k) or their eligible student loans.
Are there any other key features?
The Boeing 401(k) includes:
- 100% immediate vesting as well as a “match true-up” for participants whose savings rates fluctuate during the year and an automatic after-tax to Roth conversion feature.
- An in-service withdrawal option for a qualifying birth or adoption.
- Employees who take a hardship withdrawal will continue receiving the company match without interruption on their contributions following a withdrawal.
Who is eligible for these Boeing 401(k) features?
Employees of the following subsidiaries are included in the Boeing 401(k) features described on this site:
- Boeing Distribution Inc. (formerly Aviall)
- Boeing Digital Solutions (formerly Jeppesen)
- Employees of the former Continental Data Graphics (CDG) entity
- Spectrolab
- Digital Receiver Technologies
- Boeing Aerospace Operations (“BAO”) – Accounting Business Units CT and CW
Employees of the following subsidiaries are NOT included:
- Boeing Distribution Services, Inc. (“BDSI”)
- Boeing Aerospace Operations (“BAO”) – Accounting Business Unit C2
- Tapestry Solutions
- Adient Aerospace
- Aurora Flight Sciences
- Boeing Encore Interiors
- Boeing Intelligence & Analytics
- Foreflight
- Insitu
- Liquid Robotics
- Millennium Space Systems
- Wisk Aero
How can I best put the features of the plan to use for me?
If you have questions about your personal circumstances, contact Edelman Financial Engines for one-on-one help. You may reach them directly by calling 855-223-0111 or via Worklife at 866-473-2016 and requesting Retirement Benefits, then Edelman Financial Engines.
How does Boeing evaluate potential 401(k) plan design changes, including those optional Secure 2.0 features?
Boeing is committed to providing industry leading programs that serve to reward and retain current employees while attracting new employees to fill critical skill positions and help us meet our customer commitments. Our Total Rewards team is continually scanning the market to identify innovative benefits while also listening to our employees. These changes to our retirement plans are also linked to employee feedback as well as to our long-term plans for sustainability.
Additionally, some features of the Secure 2.0 law are optional for employers to adopt. If and when any Secure 2.0 changes are adopted, employees will be timely notified.
How does the student loan match work?
The Boeing 401(k) includes a feature that helps eligible employees with student loan debt stay on track with retirement savings by providing special matching contributions to the Boeing 401(k) plan based on an employee’s student loan repayments. Review the Student Loan FAQs and fact sheet to learn more.
How does the “true-up” matching contribution work?
Employees who are actively employed by Boeing on the last day of a plan year (or who terminated during the year due to retirement, layoff, disability or death) will be eligible to receive a true-up company matching contribution for that plan year.
The new true up feature is designed to ensure that employees receive the highest match possible on the contributions they make throughout the plan year regardless of when, during the year, they make those contributions. With the true-up, Boeing will:
- Look back at the contributions you made over the entire plan year
- Compare your contributions to the matching amounts you received on a per-pay-period basis
- Determine if the matching contributions you received on a per-pay-period basis are less than the matching contributions you could have received based on your total contributions for a given plan year and
- Make an additional matching contribution sometime during the quarter following the end of the plan year IF you have received less than the full 10% match.
Without the feature, employees who contribute unevenly throughout the year have the potential to miss out on some matching contributions. Watch this quick clip to learn more about this can help you maximize your match.
For example, you might be eligible for a true-up matching contribution if you contributed a large percentage of your incentive pay and then stopped making payroll contributions or if you contributed more than 10% in some pay periods and less than 10% in others. Your total matching contributions will be subject to the 10% match limit.
Please note that if you are a nonunion employee and you incur a match suspension during the plan year due to any type of withdrawal (e.g., as a result of taking an employer match withdrawal), then you will not be eligible to receive a true-up matching contribution for that plan year.
Where should I go if I have additional questions?
Keep checking this website for the latest information! In the meantime:
- For questions about your current 401(k) account: Log on to Worklife. Select My Retirement Benefits in the green Quick Access box. Or call Worklife at 866-473-2016 with your BEMSID and Worklife PIN. Request Retirement Benefits, then Savings to be connected with a representative.
*The Boeing Company and Fidelity Investments are not affiliated. Fidelity is a service provider to Boeing. The term partner refers to Fidelity acting as a service provider to Boeing and not pursuant to a partnership agreement.
How can Edelman Financial Engines® help me?
Edelman Financial Engines (EFE) is available to you to help with personalized investment advice.
For help with your investments, you may reach them by calling Worklife at 866-473-2016 and requesting Retirement Benefits, then Edelman Financial Engines. At no additional cost to you, you can get a Retirement Checkup with Edelman Financial Engines to help you develop a comprehensive financial plan and determine what savings options and/or investment approach may be best for you. Contact Edelman Financial Engines to schedule your Retirement Checkup.
Account Transition Details
Can I roll money into my Boeing 401(k) account at Fidelity?
Yes. You are able to roll over amounts from another employer’s eligible retirement plan (including a 401(k) plan, 401(a) plan, 403(b) plan or governmental 457(b) retirement plan) or from an eligible individual retirement accounts (IRAs) as long as you maintain a Boeing 401(k) account balance greater than zero.
How is my account protected at Fidelity?
Fidelity offers enhanced security features such as two-factor authentication and MyVoice® to help keep your account secure.
- Two-factor authentication: With two-factor authentication, you get an additional security check point every time you log on to NetBenefits, or whenever you log on from a new device. You can set up two-factor authentication through NetBenefits.
- MyVoice®: You can call Fidelity and can set up MyVoice®, a way to conveniently secure and verify your identity based on your unique voiceprint—a combination of your physical and behavioral voice patterns. When you call, say "account access" when prompted, or your Fidelity representative will offer to enroll you—you’ll just need to provide consent to create your voiceprint.
Contact Information
Where should I go to access my account online?
Log on to NetBenefits.com/Boeing to access your Boeing 401(k) account through Fidelity. You can also download the NetBenefits app to access your account from your mobile device.
If you have previously registered with Fidelity.com, NetBenefits®, or eWorkplace®, you do not need to register again. Use your existing username and password to access your new account. If you have not yet registered, use these instructions to help you set up your account.
Who should I call with questions?
You can call Fidelity through the Boeing Financial Benefits Service Center at 866-422-3539, Monday through Friday, 8:30 a.m. to midnight ET.