RETIREMENT BENEFITS
457 SAVINGS PLAN
The Airports Authority provides benefits that can help you plan for retirement. Through the Airports Authority 457 Savings Plan, regular career and non-career term employees may save for the future.
You may contribute from 1 % to 100 % of your taxable compensation to the Plan, as either pretax or after tax( Roth), up to IRS limits. The Airports Authority matches contributions for regular career employees that go into a 401( a) plan, as follows:
• 100 % of the first 2 % of salary you contribute; and
• 50 % of the next 2 % of salary you contribute.
Newly hired career employees( hired on or after Jan. 1, 2022) are automatically enrolled at a 1 % contribution amount in the pretax option, and every January after that there will be an automatic 1 % increase in the contribution amount, up to a maximum of 4 %. There is a designated period during which this automatic enrollment can be declined for the initial period by calling Lincoln Financial Group( LFG) on 1-800-234-3500.
The maximum amount the IRS allows you to contribute to the Plan per year depends on your age, as follows:
• Under age 50 – you may contribute up to $ 23,500.
• Age 50 and older – you may contribute up to $ 7,500 additional in catch-up contributions, for a total of up to $ 31,000.
• Age 60, 61, 62 or 63 – you may contribute up to $ 11,250( 150 % of the catch-up value) additional in catch-up contributions, for a total of up to $ 34,750.
These limits are subject to change each year by the IRS.
Your contributions are deducted from your pay each pay period and deposited into an account in your name at LFG. You will receive a quarterly statement of your account.
Effective January 1, 2026, employees who earned more than $ 145,000 in FICA wages in the previous year must make any catch-up as Roth( after tax) contributions. Any contributions over the age 50 limit will be " deemed " as Roth by payroll. To opt out of the Roth election, you must update your contribution at Lincoln to contribute less than the age 50 limit for the year.
RETIREMENT
If you want to enroll or make changes to your contribution, call LFG at 1-800-234-3500 or log into your account at www. lfg. com.
RETIREMENT PLANS
The Airports Authority automatically covers regular career employees in one of two different defined benefit plans, beginning on your date of hire:
• The Retirement Plan for General Employees, or
• The Retirement Plan for Police Officers and Firefighters.
Employees in the General Plan may receive a benefit at age 60 with at least 5 years of vesting service.
Police and firefighter employees contribute 1.5 % of their base pay on a pre-tax basis and are eligible for their benefit at age 55 with at least 5 years of vesting service.
An early retirement option is available, with reduced benefits.
MWAA Pension
Social Security
Savings( RSP)
16 | METROPOLITAN WASHINGTON AIRPORTS AUTHORITY