CURRENT UNION-REPRESENTED EMPLOYEES AND BAO C2
The Boeing Company 401(k) Retirement Plan, Boeing 401(k) for short is available to eligible employees. Fidelity is your service provider for the plan. Edelman Financial Engines continues to provide Boeing 401(k) participants with retirement planning tools and advice.
Catch-up contributions are not a separate election. You only need to elect your contribution percentage once (which may include a catch-up if desired). If the pre-tax/Roth IRS contribution limit is reached in the Boeing 401(k), contributions will automatically spillover into catch-up contributions before after-tax contributions. If you previously elected catch-up contributions, then you will need to increase your total contribution by that value to continue saving the same amount.
Automated Roth conversion: Fidelity will automatically convert any after-tax contributions you make to a Roth account in the Boeing 401(k) if you opt-in. With a Roth account, your contributions grow tax-free and, as long as you meet certain requirements*, all your withdrawals are tax-free. This may be an option for those who expect to be in a higher tax bracket after retiring.
*A distribution from a Roth 401(k) is federally tax free and penalty free, provided the five-year aging requirement has been satisfied and one of the following conditions is met: age 59½, disability, or death.
Withdrawal options: You can now withdraw up to $5,000 from your 401(k) account following the birth or adoption of a child without having to pay an early withdrawal penalty.
Go to the FAQs to learn more about the Boeing 401(k) plan features.
For questions about your personal retirement options or to learn more about the retirement investment and planning services available to you, please contact Edelman Financial Engines. You may reach them by calling Worklife at 866-473-2016 and requesting Retirement Benefits, then Edelman Financial Engines.