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boxhauler 01-13-2015 09:12 AM

FDX Excess sick bank payout
 
Anybody know when you actually receive the monies for the excess sick bank payout? This is my first year with an excess bank. My Jan mid month paycheck is not showing the payout. Just curious.

YYESIAV8 01-13-2015 09:25 AM

You won't see cash...it goes to your 401K. Check there.

boxhauler 01-13-2015 09:32 AM

Quote:

Originally Posted by YYESIAV8 (Post 1802435)
You won't see cash...it goes to your 401K. Check there.

No, I came very close to exceeding the IRS max of 53k with my 401k, B fund, and after tax savings. So about 3k should go to my retirement account and the excess should be paid in cash. Just can't find where it says when, unlike the unused VACA bank where it specially states it will be paid on the 31 Dec check. I'll check with payroll. A cut and paste from the Pilot Benefit book below.


Sick Bank Contributions

FedEx Express will also make an annual deposit to your Sick Bank Account based on unused sick leave accumulated during the previous calendar year (January 1 through December 31), as follows:

� First, FedEx will determine the unused hours of sick leave during the plan year that would cause your disability sick leave account to exceed 686 hours.

� Then, that portion of your sick leave account will be “cashed out” and deposited into your Sick Bank Account (up to any applicable limitations) in the first bid period following the close of the plan year. Any portion of your excess sick leave contribution not eligible to be deposited into your Sick Bank Account will be paid to you in cash by Payroll. This cash payment will be considered as Eligible Earnings in the year that you receive the payment.

hoya saxa 01-13-2015 11:36 AM

Sounds like you were way too "healthy" this year.


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MD11Fr8Dog 01-13-2015 12:04 PM

Call the PAC

JetJocF14 01-13-2015 12:30 PM

As I recall, it will come as a separate check.

Nitefrater 01-13-2015 12:47 PM

I believe last year it was 30 Jan.

Bogey 01-13-2015 01:24 PM

It usually gets done at the end of January - what won't fit in your 401 will come as a separate check. Either end of Jan or mid Feb.

YYESIAV8 01-13-2015 01:27 PM

Quote:

Originally Posted by boxhauler (Post 1802448)
No, I came very close to exceeding the IRS max of 53k with my 401k, B fund, and after tax savings. So about 3k should go to my retirement account and the excess should be paid in cash. Just can't find where it says when, unlike the unused VACA bank where it specially states it will be paid on the 31 Dec check. I'll check with payroll. A cut and paste from the Pilot Benefit book below.


Sick Bank Contributions

FedEx Express will also make an annual deposit to your Sick Bank Account based on unused sick leave accumulated during the previous calendar year (January 1 through December 31), as follows:

� First, FedEx will determine the unused hours of sick leave during the plan year that would cause your disability sick leave account to exceed 686 hours.

� Then, that portion of your sick leave account will be “cashed out” and deposited into your Sick Bank Account (up to any applicable limitations) in the first bid period following the close of the plan year. Any portion of your excess sick leave contribution not eligible to be deposited into your Sick Bank Account will be paid to you in cash by Payroll. This cash payment will be considered as Eligible Earnings in the year that you receive the payment.

guess i'm not saving enough...not had that problem yet.


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