Profit Sharing for an Airways 2013 new hire?
 

Read the memo, but couldn't quite follow the part about those hired during the year...

Anyone have a "Profit Sharing... For Dummies" explanation for me?

Thanks.

It be pro-rated by month. A partial month of employment counts towards a full month's credit.

Example: Hired on Feb 25 2013, you'd receive 11/12 of a full share.

What's a full share?

Estimate at $9920

I think it's $9920.

Thanks for the replies. I was trying to make sense of the fine print in PREVIOUS CBA RESOLUTION 1:

"In addition to the above (all pilots who were active US Airways, Inc. pilots, during the measurement period commencing January 1, 2006 through December 31, 2006 inclusive), pilots in the following classifications during the above period will be issued monies from the profit sharing pool: pilots on military leave, ALPA leave, bereavement or emergency leave, and termination pending review, and pilots who have left active service of the Company during this measurement period, e.g. resigned, retired, transitioning to or from LTD, transitioning to or from furlough, or taken a leave of absence (other than those as identified above), will receive monies from the profit sharing pool which are prorated on the basis of the number of months of active service commencing January 1, 2006 through December 31, 2006 inclusive."

No mention of new hires? Then, the next paragraph:

"Any residual monies from the profit sharing pool remaining after distribution will be distributed in descending order from 12 months of active status during the measurement period to 1 month of active status. Should there not be a complete allocation to all pilots in a month class of pilots, those monies in that month class will be distributed in seniority order from most senior to least senior in that class until all monies are exhausted."

So, what I'm seeing is that there may not be funds left over for noobs. I was just wondering with all the LOA's, MOU's, and 'previous resolutions' whether my reading is current and/or accurate.

Thanks, again.

Hmm. Sounds great and all. Told the same thing about the bonus. Hope it's true.

I guess this is the thread starting with the dec '13 hire getting screwed out of his profit sharing?!