Profit Sharing payout schedule
02-13-2016, 10:05 AM
#11
Banned
Joined APC: Aug 2010
Position: next to chronic complainers...
Posts: 364
Latest update!!!
Profit sharing distribution has been postponed indefinitely!
Due to SEC and DOT investigation; all UA funds and assets has been frozen by government!!!
Regular payroll checks will be distributed as scheduled, based on UPA 2012 rate; TA 2016 implementation has been postponed until further notice.
US Gov. investigation of UAL
Source:
US GOV SEC
Profit sharing distribution has been postponed indefinitely!
Due to SEC and DOT investigation; all UA funds and assets has been frozen by government!!!
Regular payroll checks will be distributed as scheduled, based on UPA 2012 rate; TA 2016 implementation has been postponed until further notice.
US Gov. investigation of UAL
Source:
US GOV SEC
02-13-2016, 11:27 AM
#12
Gets Weekends Off
Joined APC: Feb 2011
Posts: 3,866
Latest update!!!
Profit sharing distribution has been postponed indefinitely!
Due to SEC and DOT investigation; all UA funds and assets has been frozen by government!!!
Regular payroll checks will be distributed as scheduled, based on UPA 2012 rate; TA 2016 implementation has been postponed until further notice.
US Gov. investigation of UAL
Source:
US GOV SEC
Profit sharing distribution has been postponed indefinitely!
Due to SEC and DOT investigation; all UA funds and assets has been frozen by government!!!
Regular payroll checks will be distributed as scheduled, based on UPA 2012 rate; TA 2016 implementation has been postponed until further notice.
US Gov. investigation of UAL
Source:
US GOV SEC
US GOV SEC
02-13-2016, 03:01 PM
#13
Gets Weekends Off
Joined APC: Dec 2008
Position: 777 Cap
Posts: 199
I am very familiar with the letter.
The single most important point of the letter, which was obviously not as clear as intended, was that by combining Profit Sharing with the normal pay unintended consequences are brought into play regarding the normal pay portion of the check.
If a pilot were to defer 100%, all the profit sharing would go in. The taxes due for the profit sharing (FICA and small FED and State) could wipe out the entire "normal Pay" portion of the paycheck.
If that happens, there might not be enough left over for pesky things like mortgage payments and other automatic deductions.
The single most important point of the letter, which was obviously not as clear as intended, was that by combining Profit Sharing with the normal pay unintended consequences are brought into play regarding the normal pay portion of the check.
If a pilot were to defer 100%, all the profit sharing would go in. The taxes due for the profit sharing (FICA and small FED and State) could wipe out the entire "normal Pay" portion of the paycheck.
If that happens, there might not be enough left over for pesky things like mortgage payments and other automatic deductions.
02-13-2016, 03:55 PM
#14
Gets Weekends Off
Joined APC: Jun 2010
Position: 747 Captain, retired
Posts: 928
I am very familiar with the letter.
The single most important point of the letter, which was obviously not as clear as intended, was that by combining Profit Sharing with the normal pay unintended consequences are brought into play regarding the normal pay portion of the check.
If a pilot were to defer 100%, all the profit sharing would go in. The taxes due for the profit sharing (FICA and small FED and State) could wipe out the entire "normal Pay" portion of the paycheck.
If that happens, there might not be enough left over for pesky things like mortgage payments and other automatic deductions.
The single most important point of the letter, which was obviously not as clear as intended, was that by combining Profit Sharing with the normal pay unintended consequences are brought into play regarding the normal pay portion of the check.
If a pilot were to defer 100%, all the profit sharing would go in. The taxes due for the profit sharing (FICA and small FED and State) could wipe out the entire "normal Pay" portion of the paycheck.
If that happens, there might not be enough left over for pesky things like mortgage payments and other automatic deductions.
02-13-2016, 04:39 PM
#15
Gets Weekends Off
Joined APC: Dec 2008
Position: 777 Cap
Posts: 199
Not sure what you mean.
Are you saying this wasn't clear?
As a result, if you elect 100% of your profit sharing payment to go into the PRAP, you will actually get 100% of your profit sharing payment into the PRAP. But you will still owe the FICA taxes on that contribution so, instead of being held out of the profit sharing payment as in the past, those taxes will come out of your regular pay. In other words, if you elect 100% of your profit sharing payment to go to the PRAP this year, your regular March 1 take-home pay will be reduced.
02-13-2016, 04:57 PM
#16
Gets Weekends Off
Joined APC: Jun 2010
Position: 747 Captain, retired
Posts: 928
Yes I get that but was responding to the post about combining profit sharing into regular earnings paid out March 1. The IRS is going to get their take no matter when you get - separate check or combined
02-13-2016, 05:47 PM
#17
Gets Weekends Off
Joined APC: Dec 2008
Position: 777 Cap
Posts: 199
Absolutely.
The only question is where their money comes from. From the PS if deferral is less than about 65% or from normal pay if more than that.
I am sure there are many that didn't read the email and will be shocked at a smaller than usual paycheck
Would hate to make odds on payroll doing this correctly. This will include two different tax rates, 3 PRAP contribution sources and a potential reconciliation of past LTD premium and imputed income issues, not to mention the new pay rates and new LTD rates.
02-13-2016, 06:49 PM
#18
Gets Weekends Off
Joined APC: Sep 2007
Posts: 334
02-13-2016, 07:51 PM
#20
Banned
Joined APC: Mar 2015
Posts: 846
As I recall the pre-merger United use to issue a separate check for profit sharing and none of this was an issue. Did the pre-merger CAL include profit sharing in the monthly paycheck?
Maybe somebody should call OM - he'll shed some light on it and get it fixed.
Maybe somebody should call OM - he'll shed some light on it and get it fixed.
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