28 Frontiers August 2014 “It’s an investment in my future, and to me that’s an important priority.” —Heather Robertson, perfomance consultant, Learning, Training and Development PHOTO: JESSICA OYANAGI/BOEING full advantage of those resources, including the Voluntary Investment Plan, he said, explaining that Boeing employees left $98 million in potential company matching contributions to their retirement savings on the table last year. About half of Boeing’s employees are age 50 or older, and they will be eligible for retirement in the next five to 10 years. The average VIP account balance for that group is approximately $280,000, which experts say may not be enough for a financially secure retirement. Employees in this group are eligible to make pretax catch-up contributions in addition to regular pretax contributions (up to the IRS limit of $5,500 for 2014) to help them meet their retirement goals. “We want employees to understand that it’s never too early to get started on retirement planning, but it’s also never too late,” Parasida said. The Voluntary Investment Plan allows most employees to enroll as soon as they are hired and save for retirement by contributing on a pretax or after-tax basis. In addition, nonunion employees and certain union-represented employees are now eligible to contribute up to 100 percent of their incentive pay on a pretax basis. The company also may contribute to the plan in matching contributions or automatic company contributions.* Most employees need to contribute at least 8 percent of their base pay each pay period to receive the maximum matching contribution.
Frontiers August 2014 Issue
To see the actual publication please follow the link above