How to Enroll in the Boeing Supplemental Savings Plan (SSP)
The Boeing Supplemental Savings Plan (SSP) can be a tremendous help for Boeing employees nearing retirement age. By using this program, you can maximize your savings and retire with more. Here’s what you need to know about the Boeing SSP.
Key Takeaways
The Boeing SSP lets employees save beyond the limits of a traditional 401(k) plan.
Contributions to the Boeing SSP are made pre-tax, offering immediate tax savings and potential tax benefits upon withdrawal in retirement.
The SSP offers a variety of investment options, enabling participants to tailor their strategies to personal retirement goals.
What Is the Boeing SSP?
The Boeing Supplemental Savings Plan (SSP) is a deferred compensation plan available to some Boeing employees. If eligible, you can use the SSP to save and invest a portion of your salary beyond the contribution limits of your 401(k) plan. For high-earning employees, this can be a game-changer when preparing for retirement.
The Boeing SSP is designed to complement the Boeing 401(k). Because of IRS limits, employees can only contribute to a 401(k) up to a set limit. The SSP allows high-earning employees to contribute beyond those limits. Participants can defer a higher portion of their compensation, including:
Base pay
Bonuses
Other incentive pay
Like a 401(k), the Boeing SSP provides a variety of options for investment, allowing employees to customize their investment strategies for their personal retirement goals.
Benefits of the Boeing SSP
1. More Savings
The SSP allows you to save money above the IRS limits imposed on traditional 401(k) plans. This is particularly useful for high earners who wish to save more of their income for retirement.
2. Tax Deferral
Contributions to the SSP are made on a pre-tax basis, which reduces the participant's taxable income during their working years. This deferral lowers your current tax liability. When you withdraw from your funds during retirement, you may be in a lower tax bracket, letting you keep more of the money you saved.
3. Personalized Investment Strategies
The SSP provides a range of investment options, enabling participants to customize their investment strategies. This flexibility is perfect for tailoring a retirement plan to your unique needs and financial goals.
4. Financial Security
The SSP is designed to complement other retirement benefits offered by Boeing, such as the 401(k) and legacy pension plans. This comprehensive approach to retirement planning ensures that employees have multiple sources of financial support in their later years.
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Boeing SSP Eligibility Rules
To be eligible for the Boeing SSP, you must be a Boeing employee who has the potential to max out your 401(k) contributions. This typically applies to high-earners who can contribute large amounts to their retirement fund.
Employees must actively enroll each year during the specified enrollment period to make contributions for the following year. Enrollment does not carry over from year to year, so you’ll have to re-enroll to continue using the plan in future years.
IRS 401(k) Limits
Every year, the IRS sets limits on how much employees can contribute to a 401(k). In 2026, the limits are as follows:
Employees under the age of 50 can contribute up to $24,500 to their Boeing 401(k).
Employees age 50 or older can contribute up to $32,500, including an $8,000 catch-up contribution.
Employees ages 60 through 63 can contribute up to $35,750, including the enhanced $11,250 super catch-up contribution.
There is also a separate annual additions limit of $72,000. This includes all pre-tax and Roth contributions, the employer match, and any additional after-tax funds toward the mega backdoor Roth. (Catch-up contributions do not count toward this limit.) If you reach that $72,000 limit but still want to save and invest, the SSP is a great option.
PRO TIP: IRS contribution limits can change annually due to inflation adjustments. Stay informed about these changes and adjust your SSP contributions accordingly to maximize your retirement savings potential.
Enrolling in the Boeing 401(k) and SSP
The Boeing SSP and 401(k) are designed to work in tandem, providing a seamless transition from one plan to the other once certain IRS limits are reached. This strategy helps employees to optimize their retirement savings effectively throughout the year.
Here’s a breakdown of how these two plans interact throughout a typical plan year.
1. Enrollment
During the annual enrollment period, eligible employees can enroll in both the Boeing 401(k) and the SSP. At this time, you will decide the contribution rates you wish to set for each plan for the upcoming year.
2. Plan Year Begins
Starting January 1, contributions to the Boeing 401(k) begin, including both your own contributions and any matching contributions provided by the company.
3. Reaching 401(k) Contribution Limits
Over the course of the year, as you make contributions to your Boeing 401(k), you may reach the IRS-set limit of $72,000 for contributions. This is the total amount that can be contributed in one year, combining employee and employer contributions (excluding catch-up contributions). Once this limit is hit, all contributions to the 401(k) must stop.
4. Switching to the Boeing SSP
After the annual additions limit of the Boeing 401(k) is reached, your contributions automatically switch over to the SSP. This transition allows you to save beyond the limits of your 401(k). Contributions to the SSP will continue until the end of the plan year on December 31.
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How to Enroll in the Boeing SSP: Step-by-Step Guide
To enroll in the Boeing Supplemental Savings Plan (SSP), follow these steps:
1. Log on to Fidelity NetBenefits
Start by logging into your Fidelity NetBenefits account where you manage your Boeing benefits. If you don’t have an account, you’ll need to create one.
2. Navigate to the SSP Enrollment Site
Once logged into your NetBenefits account, you should see an SSP enrollment banner at the top of the home page. Click Enroll Now.
3. Make Your Election
Click on “Make Your Election” to start the enrollment process. If you already have elections from previous years, you can review them. Otherwise, click “Start Your Enrollment.”
4. Set Your Contribution Rates
Decide how much you want to contribute to your Boeing 401(k) from each paycheck. You can choose from pre-tax, Roth, and/or after-tax contributions. You can also decide if you want to allocate part of your incentive pay as a contribution. For the SSP, set your “Restoration Deferrals,” which is your contribution rate for the SSP.
5. Verify Your Deferrals
Once you’ve made your selections, click “Continue to Verify Your Deferrals” to review your total contributions for both the Boeing 401(k) and SSP. This step is crucial to ensure that your elections are correctly entered and to understand how they will impact your take-home pay. Consider how your elections impact your ability to receive matching contributions and your overall financial situation.
6. Make Your Distribution Election (if applicable)
If this is your first time enrolling in the SSP, decide how you want to receive your SSP funds after retiring from Boeing. The options typically include a lump sum or multiple payments over up to 15 years. (Note that you can only change your distribution election once in your lifetime after your initial election.)
7. Verify Your Deferrals Again
Review all your deferral choices on the “Verify Your Deferrals” page, including potential contributions from both you and Boeing. Make any necessary adjustments if your financial goals or circumstances have changed.
8. Submit Your Elections
Once satisfied with your selections, agree to the site terms and click “Submit Your Elections.” You’ll be directed to a confirmation page where you can view, print, or email a copy of your election confirmation for your records.
9. Finalize Your Enrollment
If necessary, you can make changes to your enrollment details until the close of the annual enrollment period. After this deadline, changes will be restricted except under specific circumstances allowed by Boeing and IRS regulations.
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Boeing SSP FAQs
Q: When can I withdraw my funds from the SSP?
A: Generally, SSP withdrawals are only allowed after you leave Boeing. They are then made according to the payment schedule you selected.
Q: Are there any risks involved with investing in the SSP?
A: Yes, like any investment plan, the SSP carries risks. The level of risk varies depending on the specific investments you choose within the plan. Some funds may offer higher potential returns but come with increased risk, while others might be more stable but offer lower returns. Consult with a financial advisor for help with safely reaching your financial goals.
Q: How will participation in the Boeing SSP affect my taxes?
A: Contributions to the SSP are made pre-tax, which means they reduce your taxable income in the year they are made, potentially lowering your overall tax burden. However, these contributions and their investment earnings are taxed as ordinary income when they are withdrawn during retirement. This can provide a tax advantage if you are in a lower tax bracket in retirement than during your working years.
Q: Are my SSP contributions insured?
A: The SSP is a nonqualified deferred compensation plan, so it does not have the same protections as a 401(k). Money saved in the Boeing SSP is not required to be held in a trust. SSP distributions are paid solely from the general assets of the company itself. This means that if Boeing went bankrupt, the money invested in your SSP could be lost. While this risk is low, it’s worth being aware of.
Q: What happens to my SSP if I leave Boeing?
A: When you leave Boeing, your SSP balance will be paid according to the distribution option you selected under the plan. Depending on your election, you may receive the money as a lump sum or in installments.
Q: Can I change my contribution amount after enrollment?
A: You can make a new SSP contribution election during the annual enrollment period. Once your election takes effect, it generally cannot be changed for that plan year.
Q: How do I choose the right investments within the SSP?
A: Choosing the right investments depends on several factors, including your age, retirement goals, financial situation, and risk tolerance. Consult a financial advisor to learn more about the best investments for you.
PRO TIP: Regularly review your investment choices within the SSP to ensure they align with your retirement objectives and risk tolerance. Adjust your portfolio as necessary in response to market changes or shifts in your financial goals.
Q: Is there a minimum contribution required to participate in the SSP?
A: Boeing may set a minimum contribution level for participation in the SSP, which could vary by employee status and other factors. It's important to check the latest plan documents or consult with HR for the specific details relevant to your situation.
Q: Are there any fees for investing in the SSP?
A: Like most investment plans, the SSP may involve various fees, including administrative fees and fees related to specific investment options.
Q: Does Boeing match contributions made to the SSP?
A: Yes, Boeing matching contributions can continue through the SSP after you reach your 401(k) limits.
Q: How is the SSP affected by changes in employment status, such as going from full-time to part-time?
A: Moving from full-time to part-time could affect your eligibility for the SSP if you can no longer exceed the 401(k) contribution limits. If you do have to discontinue your contributions, the funds already in your plan will continue to be invested according to your chosen allocations.
Get Reliable Help from an Experienced Financial Advisor
Navigating your retirement options, like the Boeing SSP, can be complex. Consulting with a financial advisor will help you maximize your retirement benefits in alignment with your overall financial goals. At True Wealth Financial Partners, we specialize in helping employees make informed decisions when planning for retirement.
Schedule a call today, and we’ll be happy to help.
