2022 Best in Class 401(k) Plans | Winner
Southwest Airlines Pilots Association
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Plan name | Southwest Airlines Pilots Association |
Location | Dallas, Texas |
Asset size ($MM) | >$8 billion |
Participants | 10,600 |
Industry | Airline |
Participation rate | 100% |
Average deferral rate | 14% |
# of funds offered | 17 |
Investment review | Yes |
True-up match | Not applicable |
Match vesting period | Immediately upon enrollment |
Eligibility | Immediately upon hire |
Default deferral rate | 3% |
Default investment | Target-date Fund (all types) |
Automatic escalation | Yes - but participation is voluntary and participants must opt in to auto escalation |
Systematic withdrawals | Yes |
Fee equalization | No, and we have no plans to research this in the short-term |
Match Rate | Other |
% receiving full match | All or nearly all participants (90% or more) |
Maximum employer contribution | 15% |
Financial Education | |
Saving/Budgeting | Yes |
Investing strategies | Yes |
College saving | |
Credit/Debt management | Yes |
Tax/Estate planning | Yes |
Retiree health costs/savings options​ |
Recordkeeper | Charles Schwab |