Hannon notes that the average annual Boeing employee’s 401(k) savings rate is 11%. I receive nothing if the market dips. 1.0.1 (12/17/2020) Great point! After leaving Boeing, keep … The Boeing Company Voluntary Investment Plan (VIP) is one of the many important benefits offered to eligible employees of The Boeing Company or an Adopting Affiliate or Subsidiary. This is the employer's chance to tell you why you should work for them. But the anti-diversification move of tying retirees’ and future beneficiaries’ benefits partly to the company’s future performance (the stock peaked in early 2019) seemed a stratospheric folly. If you are 59 1/2 (or getting close) and have questions about whether this strategy is for you, I make it, Number 10 – You Can Purchase Boeing Stock, Another consideration is that since the Boeing Stock Fund is only one investment, it’s going to be more volatile than other funds and since you are already relying on Boeing for your livelihood (paycheck) you’ll want to make sure you are properly diversified. Note: This post was originally written in April, 2014. Remember Me; Use a saved username; Password. I offer a free wealth discovery meeting where we can discuss your personal situation and how to get you moving in the right direction! 5 Mistakes Employees Make With Company (Employer) Stock, ThedaCare 403(b) Savings Plan – 10 Things You Must Know. Use 6 … Boeing provides a 75% match on the first 8% of base pay that most nonunion employees save in their VIP accounts, in addition to age-based company contributions, according to the company’s website. Lifecycle 2025 Fund.38% Note: Benefits OnLine® and the Interactive Voice Response system will remain available. Your benefits include programs and services designed to help you manage your health care. .css-1cjz1oj svg > path{fill:#0caa41;}Employer Verified Available to US-based employees (Change location). If you have more questions I would be happy to help you! Overall, the company cut about 20,000 jobs, dropping total employment to … They are also the default investment option so you’ll want to be aware of where your money is actually invested. Most of the funds available are cost competitive with funds available outside the Boeing VIP, however the life cycle funds, which are basically index funds that re-balance as you grow older, are a bit pricey. The Boeing Stock Fund is set up as an ESOP, which is an Employee Stock Ownership Plan. Copyright © 2008–2021, Glassdoor, Inc. "Glassdoor" and logo are registered trademarks of Glassdoor, Inc. We would like to show you a description here but the site won’t allow us. I’ve included a table below that lists the funds along with the total annual operating fee. The one major drawback I found with the Boeing VIP 401(k) plan is the limited amount of investment options. This feature can help you overcome that limitation. The information provided is from their perspective. Lifecycle 2020 Fund.37% We have provided our customers with the tools needed to counter evolving global and cyber threats, and to improve wartime decision making. This is not a 401K and therefore RMD should not be required but your form requires me to id amount of RMD. This feature doesn’t allow for much flexibility in the event of a market move after making a large purchase. Thanks for commenting! Boeing said it shed 14,000 company jobs in Washington state, leaving the company with 56,908 jobs in the state. The better educated you are about your 401k benefits, the greater your chances of making smart decisions and achieving great retirement outcomes. Boeing employees can find out more information regarding the Learning Together Program offered by Boeing when they log into their Total Access account. In addition to any matching funds that the Boeing Company provides you, Boeing also contributes 4% of your base pay automatically to the Boeing VIP. When you’re headed into that final stretch before retirement, it’s important to have a financial plan set in place and be executing investment strategies that are personalized to your situation. That means that you cannot transfer funds into or out of the Boeing Stock Fund if you are aware of material nonpublic information about Boeing. With over 168,000 employees, the Boeing Company is one of the largest companies in the United States. Every day, Boeing Intelligence & Analytics supports global missions by building and delivering intelligence, analytics and cyber solutions that enable users to advance national security. Since I’m not tied to the company in any way, I offer an impartial and objective view. This plan is also in the top 15% of plans for Account Balances, Company Generosity, Participation Rate, Salary Deferral, and Total Plan Cost. Here are 10 things you must know about the Boeing VIP. Company matches a part of your investment. good match and stock price is going back up, good company matching and lots of plan choices. Single log-in. Especially considering the fact that you can…. I have a 1099-R that reflects my Boeing Retirement Income. International Index Fund.13% I’ll explain how you can directly ask personal questions at the end of my review. Save my name, email, and website in this browser for the next time I comment. good matching, unsure of what % they have at the moment. Please contact your Boeing Distribution Sales Representative for further assistance. Feel welcome to email me to discuss further! Also, if you’re an investor and have questions please feel welcome to reach out as well. Employer Verified Available to US-based employees, Current Procurement Agent in Tukwila, Washington State, Current Senior Manager in Chicago, Illinois, Current Principal Engineer in Huntington Beach, California, Current Procurement Agent in Huntsville, Alabama, Human Resources Generalist salaries ($56k), Aviation Maintenance Technician salaries ($64k), Supply Chain Management Analyst salaries ($57k). S&P 500 Index Fund.05% Boeing Stock Fund.05% I’ll have to include that in an edit sometime soon. For outside the U.S. employees, your Participant Number is your Username and if you created a PIN previously, it is now considered your Password. If the plan changes and you see one on this review please reach out and let me know. I’m happy to admit when I’m wrong and update my blog. Lifecycle 2035 Fund.39% That way more people will be able to find and hopefully benefit from learning the “10 things you must know about the Boeing 401k plan.”. The VIP offers a convenient and flexible way to help eligible employees save for their retirement. Like the other available investment options, any transfers to or from the Boeing Stock Fund that are made within 15 calendar days are subject to the 1.5% penalty fee so you’ll want to pay attention if making trades in a short time frame. Lifecycle 2045 Fund.41% Just reach out using this secure, confidential contact form and I’ll get back to you via email within 48 hours to help point you in the right direction. However, I have written about the “Rule of 55” in a separate blog post. If you are age 50 or older by the end of a calendar year, you can make what’s called “catch-up” contributions to your Boeing VIP account that are over and above the normal and legal limits. To be clear, you can choose any amount you want, up to a limit of 25% as well as federal limits on contributions, but if you do not actively choose an amount, 4% is automatic. Post-2011 alumni may login to Worklife to access the Boeing Service Center for Health and Insurance by clicking the “My Health & Insurance Benefits” quick access link. The Boeing retirees claim that they have been denied early retirement pension benefits and accompanying healthcare benefits. For example, I'm in my early twenties and I contribute 8% on my own and Boeing provides 9% for a total of 17% going towards my 401k. Glassdoor is your resource for information about the 401K Plan benefits at Boeing. Boeing matches 75% on the first 8% of base pay contributed by employees, or a maximum yearly match of 6%. + authentication.errorMessage) | translate:authentication.errorMessageParams}} {{"logon.logonTitle" | translate}} Lifecycle 2030 Fund.39% Check out my blog on the. BBB Business Profiles may not be reproduced for sales or promotional purposes. Wealth Advisor If you’re considering employment with a Boeing subsidiary, check … One important point to note is that insider trading restrictions apply to transferring funds into or out of the Boeing Stock Fund. Just use the secure contact form to ask a question and I’ll get back to you via email within 48 hours to help point you in the right direction. © 2020 Wespath Benefits and Investments, a general agency of The United Methodist Church. The fees that the funds within the Boeing VIP plan charge vary from .05% to .72%. Thinking of Retiring Early? If you don’t actively choose your contribution rate, you’re automatically enrolled as discussed in number 1. Being educated about the important points of your 401k can help you make smarter decisions. Endowment Wealth Management, Inc. Fund NameTotal Annual Operating Fee (4/7/14) If you use your SSN to log in, please create a personalized username for added security. Check out my blog on the 5 Mistakes Employees Make with Company Stock. On Monday, Boeing, its employee benefits plans and investment committees and certain high-ranking company officers moved to dismiss the Employee Retirement Income … Boeing VIP. Boeing Offers a Near Perfect Retirement Plan Model In most respects Boeing’s retirement offering is a great model of how to run a large retirement plan. If you’d like to help us out, Number 3 – You Can Make Catch-Up Contributions, Number 4 – Your Investment Options Are Limited, Number 5 – There Are Penalties for Quick Trades, Number 6 – Boeing Contributes Automatically, Number 7 – Boeing Contributions are 100% Vested Immediately, Number 8 – You Can Rollover Your Employer Contributions While Working. With over 168,000 employees, the Boeing Company is one of the largest companies in the United States. But once you have a considerable amount of employer (Boeing) contributions (ex: $100,000+) then this strategy can be a great way to get access to a greater variety of investment options. By moving a portion of your money to an IRA, you literally have access to thousands of investment options and a number of different strategies to grow your wealth. For 2014, you can contribute an additional $5,500 on top of the available $17,500 you are able to normally stock away. We share in your dedication to making the world better. The Boeing Stock Fund also pays a quarterly dividend that can either be reinvested in Boeing stock (the automatic option) or paid in cash. We offer a wide range of benefits, including market-leading health and retirement plans, generous tuition assistance, paid time off, and programs that support you and your family as well as your community. If you’re on LinkedIn, I invite you to connect with me and learn more about or our company. Information on the Boeing VIP may have changed since then so make sure to check your Boeing Summary Plan document for up-to-date details. After purchasing an investment within the Boeing VIP, there is a set time period you need to hold the investment in order to avoid a penalty. Luckily as I’ll describe in #8 and #9, you have the ability to move money from the Boeing VIP plan to execute other, more flexible investment strategies. Doing so might just save them a whole lot of time and trouble as well. For outside the U.S. employees, your Participant Number is your Username and if you created a PIN previously, it is now considered your Password. Your response will be removed from the review – this cannot be undone. Or call Worklife at 866-473-2016 and say “Health and Insurance” Retirement Benefits. Learn how a 401(k) works, about 401(k) benefits, and what is a Roth 401(k). I make getting answers super easy without having to talk to some high-pressure sales person. 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