View Poll Results: When will we see retro?
September
2
1.29%
October
62
40.00%
November
49
31.61%
December
42
27.10%
Voters: 155. You may not vote on this poll
Retro, Timeline, Final Language
08-07-2023, 11:20 AM
#41
Gets Weekends Off
Joined APC: Jul 2008
Posts: 608
Keep in mind that IF the retro is allowed to be contributed to your 401k it would still be subject to the individual contribution and/or 415c limits so if you are someone who already maxes out your stuff , you won’t be Able to contribute any of your retro.
note: the limits considered would be for the respective tax year, so 2020 retro for 2020 limits ect not the current year.
note: the limits considered would be for the respective tax year, so 2020 retro for 2020 limits ect not the current year.
08-07-2023, 08:46 PM
#43
Gets Weekends Off
Joined APC: Mar 2018
Posts: 2,501
Keep in mind that IF the retro is allowed to be contributed to your 401k it would still be subject to the individual contribution and/or 415c limits so if you are someone who already maxes out your stuff , you won’t be Able to contribute any of your retro.
note: the limits considered would be for the respective tax year, so 2020 retro for 2020 limits ect not the current year.
note: the limits considered would be for the respective tax year, so 2020 retro for 2020 limits ect not the current year.
The only thing you have to factor in is that the 2023 portion of the signing bonus is pensionable. So, if you normally plan on a certain amount to meet the 415c limit, you will have to make an adjustment.
08-08-2023, 04:38 AM
#44
Gets Weekends Off
Joined APC: Aug 2021
Posts: 700
08-08-2023, 04:46 AM
#45
Gets Weekends Off
Joined APC: Aug 2015
Position: Captain
Posts: 1,561
If it’s like Delta’s, it’s not back pay, but current year earnings, so taxable for the year in which it is paid and only eligible as elective contribution like any other pay.
The only thing you have to factor in is that the 2023 portion of the signing bonus is pensionable. So, if you normally plan on a certain amount to meet the 415c limit, you will have to make an adjustment.
The only thing you have to factor in is that the 2023 portion of the signing bonus is pensionable. So, if you normally plan on a certain amount to meet the 415c limit, you will have to make an adjustment.
what happens if you maxed everything ?
your 16% contributions from retro pay for 2023 goes to VEBA account ?
that’s what I think will happen if we get our retro by 12/1/2023
08-08-2023, 05:24 AM
#46
Gets Weekends Off
Joined APC: Apr 2023
Posts: 114
"
"Cap RHA spillage due to 401(a)(17) at $10,000, above that amount paid as cash. Only applies until Market-Based Cash Balance Plan (MBCBP) is started".
We'll know when the TA is released.
08-08-2023, 06:56 AM
#47
Gets Weekends Off
Joined APC: Mar 2018
Posts: 2,501
The MPCBP wont be done in time for the retro--if you've already maxxed, either by hitting the 415c limit or already earning $330k+, it will be spilled into the VEBA. That assumes the retro will be paid this year, which is probably pretty likely.
08-08-2023, 07:50 AM
#48
Gets Weekends Off
Joined APC: Apr 2018
Posts: 196
If it’s like Delta’s, it’s not back pay, but current year earnings, so taxable for the year in which it is paid and only eligible as elective contribution like any other pay.
The only thing you have to factor in is that the 2023 portion of the signing bonus is pensionable. So, if you normally plan on a certain amount to meet the 415c limit, you will have to make an adjustment.
The only thing you have to factor in is that the 2023 portion of the signing bonus is pensionable. So, if you normally plan on a certain amount to meet the 415c limit, you will have to make an adjustment.
08-08-2023, 10:01 AM
#49
Gets Weekends Off
Joined APC: Mar 2018
Posts: 2,501
i guess that will be in the language details. Retro payments are almost always taxable in the current year but if any pensionable amounts are allowed, the IRS requires that those funds be allocated based on the years for which they’re they based on. If no pensionable amounts for 20,21,22 then it’s a non issue
08-08-2023, 02:08 PM
#50
Gets Weekends Off
Joined APC: Apr 2013
Posts: 545
Only the first 10k,rest will be paid in cash. READ.
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