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New 401k & DC Plan Changes
Delta Air Lines has dramatically revised the retirement plans offered to employees for both the 401k and DC Plans. The previous choices of over 200 funds have been replaced by 27 new funds. Sorting through the 49 page booklet employees recently received can be confusing, given the windows for optional changes, new investment choices, time frame, and the myriad of potential fees.
This sounds limiting and it may be in some cases - but we feel there are also new opportunities. Many of the investments we have used successfully in the past are still available to us, but only if you currently have a BrokerageLink® account set up to be able to access them. As a result, the first step we are recommending in this transition is outlined below in order to continue to provide you with a more diversified portfolio and efficient asset allocation.
We are encouraging all employees to open a BrokerageLink ® (BL) account that will allow maximum flexibility and investment choices for this new plan. We will then be able to work with your accounts and rebalance your selections going forward. We expect that this will be an evolving process over several months as we are able to access the technology and investments without incurring unnecessary fees.
***Current clients will receive emails on relevant updates. If you would like to open a BrokerageLink ®account at Fidelity, please download the required forms today.***
The accounts that comprise the new plan include:
(1) Delta Air Lines Inc. Plan – This is the 401k for all non-contract Delta employees.
(2) Delta Pilot Savings Plan – This is the pilot’s 401k plan.
(3) Delta Pilots Defined Contribution Plan – This is the pilot’s DC plan which replaced the Defined Benefit (DB) plan -- post bankruptcy.
You will need a BL account for each plan you have. You may access the forms using the links below. The pilots have two separate forms to complete for both the 401k (Plan #74779) and the DC Plan ( Plan #08066). All other employees will complete the BrokerageLink® Form for the Family Care Savings Plan (#90262).
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