Envoy Air 401(k)

Envoy Air is a subsidiary of American Airlines Group, and it provides regional air services across the United States, Canada, Mexico, and the Caribbean. If you are employed by Envoy Air, you will get access to various benefits to support your physical and financial well-being. One of these benefits is a 401(k) plan with matched funds.

As soon as you are hired and entered into the Envoy Air payroll system, you become eligible to enroll in the Envoy Air Inc. 401(k) plan. You can start contributing to the 401(k) when you receive your first paycheck. However, you need to have worked for at least one year to be eligible for matching contributions from the employer. Envoy Air provides up to 50% match on the first 7% of employee contributions, and the match rises with seniority and years of service.

Envoy Air 401k provider 

Envoy Air offers its Envoy Air Inc. 401(k) plan through Empower. As of 2023, Empower had over $1.4 trillion in assets under management, and it manages the assets of over 71,000 firms and government agencies. To access your Envoy Air Inc. 401(k) account, visit the Empower Website and enter your username and password.

Envoy Air 401k login

You can access your Envoy Air 401(k) account by going to the Empower Retirement 401(k)  website and entering your username and password. If you have forgotten your password, you can reset the password on the login page. You can also contact Empower Customer Care representatives at 1-855-756-4738 any time from Monday to Friday between 7.00 am to 8.00 pm Mountain time, and Saturday between 7.00 am to 3.30 pm Mountain time.

Envoy Air 401k match

Envoy Air makes matching contributions to employee 401(k) plans after the first year of service. For every dollar an employee contributes to their Envoy Air 401(k) plan account, Envoy Air provides a 50% match on the first 7% of employee contributions.

Once you have completed five years of seniority, Envoy Air provides a 75% match on the first 7% of employee contributions. After 10 years of seniority, Envoy Air increases the match to 80% on the first 8% of employee contributions.

Envoy Air 401k customer service

If you need help with your Envoy Air Inc. 401(k) plan, you can contact Empower customer service representatives at 1-855-756-4738 anytime from Monday to Friday between 6.00 am to 8.00 pm, and Saturday between 7.00 am to 3.30 pm.

Envoy Air 401k loan

Envoy Air employees may be able to apply for a 401(k) loan while still working. The amount you can borrow is capped by the IRS at 50% of your vested 401(k) balance or $50,000, whichever is lesser. The minimum amount you can borrow from 401(k) is $1,000.

When you take a 401(k) loan, you must pay back the loan within a repayment period of up to five years, or longer if you are borrowing to purchase or build your primary residence. You can borrow from your Envoy Air 401(k) plan by logging into your Empower Retirement 401(k) account or calling Empower customer service at 1-855-756-4738.

Envoy Air 401k after termination

If you have a 401(k) plan with Envoy Air and you no longer work there, you may have several options with the money. You can choose to leave the money with Empower to continue growing, but you must have at least a $5,000 balance in your 401(k) to be allowed to leave your 401(k) behind.

You can also roll over the 401(k) plan into a new employer's 401(k), IRA, or other qualified retirement plan. If you need the money for an urgent expense such as college education or home renovations, you can cash out the 401(k), but you will owe income taxes and an additional 10% penalty if you are below age 59 ½. 

Envoy Air 401k withdrawal

Withdrawals from Envoy 401(k) plan are only available when you reach age 59 ½, experience severe financial hardships, or become disabled.  Additionally, in-service withdrawals may be available.

If you are younger than 59 ½, you will only be allowed to withdraw from your 401(k) plan if you have a financial hardship such as certain medical expenses, burial or funeral costs, expenses required to stop an eviction or foreclosure, etc. You can only withdraw the amount required to meet the financial hardship. For example, if you need $40,000 to prevent foreclosure, you won’t be allowed to withdraw more than the amount required to satisfy the hardship.

Envoy Air 401k early withdrawal

If you are below 59 ½, you won’t be allowed to withdraw from your Envoy Air 401(k) plan. However, there are limited situations when you may be allowed to make 401(k) withdrawals before age 59 ½ i.e. hardship withdrawals and in-service withdrawals.

If you have a financial hardship, you can tap into your 401(k) to meet the hardship. The withdrawal is limited to the amount needed to satisfy the hardship. This amount is subject to income taxes and is not paid back to the 401(k) plan.

Envoy Air 401k rollover form

If you are no longer working with Envoy Air, you can roll over your 401(k) money to another qualified retirement plan such as a new 401(k) or IRA. You can initiate the rollover process by logging into your Empower Retirement 401(k) to download the rollover form.

Fill out the details of your destination retirement plan, the amount you want to roll over, and other required information. Also, request for a direct rollover to the new plan to avoid incurring income taxes on the rollover.

Envoy Air 401k account number

You can find your Envoy Air 401(k) account number on your 401(k) statements or via your Empower account. If you have your old 401(k) statements, you can find your 401(k) account number in the top section of the statement. You can also log in to your Empower Retirement 401(k) to check your account number.

Envoy Air 401k phone number

If you need help with your 401(k), you can contact Empower customer care representatives at 1-855-756-4738 from Monday to Friday between 6.00 am to 8.00 pm, and Saturday between 7.00 am to 3.30 pm.

Envoy Air 401k administrator

The plan administrator for Envoy Air Inc. 401(k) plan is Jeanne Edler. If you need to contact the plan administrator, you can contact them at 1-972-374-5241.

Envoy Air 401k eligibility

If you are a regular full-time or part-time employee, you are eligible to enroll in the Envoy Air Inc. 401(k) plan immediately upon hire. If you don't take action within the first 30 days of employment and you meet the eligibility requirements, you will be automatically enrolled to save on a pretax basis.

Envoy Air 401k vesting

The contributions you make to your Envoy Air Inc. 401(k) plan and any rollover contributions from previous employers become fully vested immediately. Also, you are fully vested in the employer's contributions.

Envoy Air 401k app

You can access your Envoy Air 401(k) plan online on the Empower website. You will need to enter your username and password to access your 401(k) account. You can view your 401(k) balance, request a 401(k) statement, apply for a 401(k) loan, or request a withdrawal or rollover.

Envoy Air 401k summary plan description

You can access the Envoy Air summary plan description in the Envoy Air Benefits Guide. You can also request the plan description by contacting the plan administrator via phone at 972-374-5241. Alternatively, request the summary plan by writing to the plan administrator at 4301 Regent, Boulevard, IRVING, TX 75063.