After-tax contributions

In addition to pretax and Roth contributions, you can now make after-tax contributions to the Plan. This could be important to you going forward, but particularly during this transition year if you have already contributed pretax and/or Roth contributions up to the $23,000 IRS limit for 2024 (or $30,500 for those over 50 who are eligible for catch-up contributions). If this is the case for you this year, you can still earn BAE Systems matching funds by choosing to make after-tax contributions each pay period to the Plan. Access the Contributions page on the MyRetirement website to submit your after-tax contribution election.

Company match

Both after-tax and catch-up contributions are now eligible for company match. Maximum match is 4% on your total contributions. Company match contributions are always made on a pretax basis. You must contribute to the Plan each pay period to earn a company match, so if you have already contributed the maximum amount on a pretax and/or Roth basis, you can still earn company matching funds by making after-tax contributions.

Eligible compensation

The definition of eligible compensation has been updated to align with the BAE Systems 401(k) Savings Plan definition. Typically, your eligible compensation is your W2 earnings minus any bonuses or incentive compensation.

Payroll deductions

Contributions and loan repayments were automatically converted to weekly amounts for non-exempt employees who moved to a weekly payroll following the transition.

Want more information?

For more information about your BAE Systems 401(k) Savings Plan, please review the Summary Plan Description on the MyRetirement website. Alternatively, you can contact the BAE Systems Retirement Center at 1 800 622 5533 Monday – Friday, between 8 a.m. and 10 p.m. Eastern time, and Saturdays between 9 a.m. and 5:30 p.m. Eastern time.