v3.24.0.1
Crewmember Retirement Plan
12 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
Crewmember Retirement Plan Crewmember Retirement Plan
We sponsor a retirement savings 401(k) defined contribution plan (“the Plan”), covering all of our crewmembers where we match 100% of our crewmember contributions up to 5% of their eligible wages. The contributions vest after three years and are measured from a crewmember’s hire date. Crewmembers are vested immediately in their voluntary contributions.
Another component of the Plan is a Company discretionary contribution of 5% of eligible non-management crewmember compensation, which we refer to as Retirement Plus. Retirement Plus contributions vest after three years and are measured from the non-management crewmember’s hire date. As of January 2024, the Retirement Plus program ended and all Retirement plus eligible crewmembers, except for Federal Aviation Administration (“FAA”) licensed crewmembers and system controllers, will receive a 5% increase in pay which they have the option to contribute to their 401(k). The system controllers will continue to receive a Company discretionary contribution of 5% of eligible compensation, referred to as Retirement Non-elective Crewmember contributions. The Company's non-elective contribution vests after three years of service.
Certain FAA licensed crewmembers receive an additional contribution of 3% of eligible compensation, which we refer to as Retirement Advantage. As of January 2024, the Retirement Advantage program ended and these licensed Crewmember will receive a Company discretionary contribution of 8% of eligible compensation, referred to as Retirement Non-elective Licensed Crewmembers contributions. The Company’s non-elective contribution vests after three years of service.
Our Pilots receive a non-elective Company contribution of 16% of eligible compensation per the terms of the finalized collective bargaining agreement between JetBlue and the Air Line Pilots Association (“ALPA”), in lieu of the above 401(k) Company matching contribution, Retirement Plus, and Retirement Advantage contributions. The Company's non-elective contribution of eligible Pilot compensation vests after three years of service.
Our non-management Crewmembers are eligible to receive profit sharing, calculated as 10% of adjusted pre-tax income before profit sharing and special items, up to a pre-tax margin of 18%, with the result reduced by Retirement Plus contributions and the equivalent of Retirement Plus contributions for pilots. If our resulting pre-tax margin exceeds 18%, non-management Crewmembers will receive 20% profit sharing on amounts above an 18% pre-tax margin.
Total 401(k) company match, Retirement Plus, Retirement Advantage, Pilot retirement contribution, and profit sharing expensed for the years ended December 31, 2023, 2022, and 2021 were $271 million, $249 million, and $213 million, respectively.