Specific features of the 401(k) Savings Plan can vary among BAE Systems business units. Please see the Summary Plan Description (SPD) and the Plan Supplement appended to the SPD for more information on what features apply to you. If information on this website conflicts with the Plan Document, the Plan Document will govern. From the MyRetirement website, go to your 401(k) Plan “Account Overview.” From the navigation list on the left go to “Plan Information” > “Plan Forms,” and select the Summary Plan Description.

Access personalized, actionable solutions that may help you reduce financial stress, take control of your finances, and stay on track to reach your goals. From the MyRetirement website simply click on the “Planning” tab in the top navigation bar and select “My Financial Path” to access financial tools.

Select the Learning Center to get the help you need with retirement, savings, and investing, with access to financial education resources, including on-demand videos, articles, tools, calculators and more. You can also get help with Student Debt Solutions and Financial Wellness. Or explore additional topics from the Planning menu, depending on your information needs.

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You can contribute up to 75% of your eligible earnings on a before-tax, Roth, and/or after-tax basis per paycheck. Your maximum before-tax and Roth contributions are subject to the IRS employee contribution limit each year: $23,000 for 2024 and any future annual updates the IRS makes. Your after-tax contributions are not subject to this limit. If you are or will be age 50 or older during the year, you can make additional catch-up contribution of $7,500 for 2024 for a total before-tax/Roth contribution of $30,500.

The IRS also sets limits for eligible compensation and combined contributions each year. For 2024, the Annual Compensation Limit is $345,000. The Annual Combined Employee and Employer Contribution Limit is $69,000 for participants under age 50 and $76,500 for participants who are age 50 or older.

New employees: You will be automatically enrolled at a 3% before-tax contribution level, which will increase by 1% each year, up to 6%. You may choose to opt out of automatic enrollment at any time or to enroll in the Plan using different elections; however, you must take action soon after your hire date in the event you wish to reverse any automatic contributions. You may only opt out and withdraw initial automatic contributions (adjusted for any gains and losses to the date of distribution) within 90 days of your first automatic contribution to the Plan. Keep in mind that any before-tax and Roth contributions you made to a prior employer’s plan count toward the annual IRS employee contribution limit mentioned above.

You can enroll in the 401(k) Savings Plan or change your contribution percentage or investment elections at any time on MyRetirement.

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If your business unit offers a company match or other employer contributions, the Plan Supplement appended to the Summary Plan Description will describe those contributions in more detail. To review the relevant information on the Summary Plan Description, go to Account Overview > Plan Information > Plan Forms on MyRetirement.

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The term vesting is commonly used to describe when money contributed to a benefit plan is yours to keep even if your employment with the company ends. Vesting schedules are used to describe when you obtain full ownership of your benefit account. In the BAE Systems 401(k) Savings Plan, vesting timing can range from immediately or on a ‘cliff’ schedule (such that you become 100% vested once you reach a certain number of years of employment), to an incremental or graduated schedule (such that you vest in increments over a specified number of years). Vesting provisions at BAE Systems vary by business and contribution type.

Employee contributions

You are always 100% vested in the value of your own contributions and any earnings on your own contributions.

Employer contributions

You will be vested in any employer contributions based on the vesting schedule described in your Plan Supplement. In addition to the vesting schedule, there are a few instances in which you may become 100% vested in your employer contributions as described in more detail in the Plan’s Summary Plan Description (SPD).

Contributions rolled over from a previous employer

You are always 100% vested in any contributions (including any earnings) that you transfer to your BAE Systems 401(k) Savings Plan account from a previous employer's plan.

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When you save in the 401(k) Savings Plan, you’re also an investor. The Plan offers a comprehensive investment lineup that includes core funds, premixed portfolios, and a Self-Directed Brokerage Account, which allows you to invest funds from your 401(k) Savings Plan outside of the BAE Systems core investment offerings. Remember, if your investment needs change, you may adjust your investment elections in the Plan at any time.

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BAE Systems has made a third-party provider, Empower Advisory Services, available to offer two services, Online Advice and My Total Retirement.

Online Advice tools and resources are available at no cost to you. With My Total Retirement, you will have access to a team of investment advisors to assist you with managing your account. If you enroll in this service, a fee will be charged to your account. Please note that any investment advice provided is being provided by a third party. For more information please click on “Planning” in the top navigation bar and select the appropriate topic.

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In the event you divorce and need to divide your retirement benefits as part of divorce proceedings, you are required under state law to submit a qualified domestic relations order (QDRO) to the BAE Systems QDRO Service Center. A QDRO is a court order/document that recognizes an alternate payee’s right to receive all or a portion of your retirement benefits. The QDRO is typically entered by a court of appropriate jurisdiction.

Learn more about QDROs at dol.gov, or visit the BAE Systems Resource Center for more information. From the Resource Center, go to Benefits & Financial Wellness > QDRO Guide. You must be on the BAE Systems network to access the Resource Center portal. Once your draft QDRO is ready, submit it to the QDRO Service Center at BAEqdro@groom.com before you submit the final document to the court.

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