Information on this page is for educational purposes only and reflect what is written within the contract (Section 27) or plan documents available on the company website or from Fidelity.
To sign up please visit 401k.com
The Company will match the Flight Attendant’s contribution as follows:
Flight Attendant’s Years of Service
Company Matching Contributions
After six (6) months
100% of the lesser of i) the Flight Attendant’s tax deferred contribution for the plan year or ii) 2% of the Flight Attendant’s compensation
After five (5) full years
100% of the lesser of i) the Flight Attendant’s tax deferred contribution for the plan year or ii) 3% of the Flight Attendant’s compensation.
After twelve (12) full years
100% of the lesser of i) the Flight Attendant’s tax
Examples: A Flight Attendant who has been with PSA for 2 years:
- If they contribute 2% of their compensation, they will get the full company match of 2%.
- If they contribute 1% of their compensation, they will only get a company match of 1%.
- If they contribute 5% of their compensation, they will only get a company match of 2%.
Common 401(k) Questions
How long do I have to be with the company before I can sign up?
Have to be with the company for 6 months.
What is vesting and what is the vesting period?
Vesting is the amount of time that you must be with the company before their match fully becomes part of your account. The vesting period is 3 years. If one leaves the employment of the company prior to that, then the company gets back their portion. Your contributions will remain in you account for you to roll over to another employers plan.
Do I have to wait for open enrollment to sign up or make changes?
No. With 401(k) you do not have to wait for open enrollment. You can sign up at any time and you can change your contribution at any time, there may be a delay until the next quarter to take effect. You can also change your investment options and strategies at any time.
Can AFA help me decide what funds to invest in?
No we can not. There are a number of options and tools on the Fidelity website to make the process easy.
Why should I invest in a 401(k)?
This is planning for your future and retirement. Your contributions are taken out pre-tax, which could be a benefit to you. Additionally if you are planning on staying at PSA for a few years, it is “money for your future.”
Can I take money out whenever I want?
Generally you can not withdraw the funds in the account until retirement or post separation. There are certain circumstances where you may take an in-service withdrawal (a tax penalty may apply): primary residence and medical. You may be eligible for a loan from your portion of the account, you would pay yourself back plus interest.