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Old 01-13-2015, 09:12 AM   #1  
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Default 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.
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Old 01-13-2015, 09:25 AM   #2  
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You won't see cash...it goes to your 401K. Check there.
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Old 01-13-2015, 09:32 AM   #3  
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Originally Posted by YYESIAV8 View Post
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.
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Old 01-13-2015, 11:36 AM   #4  
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Sounds like you were way too "healthy" this year.


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Old 01-13-2015, 12:04 PM   #5  
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Call the PAC
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Old 01-13-2015, 12:30 PM   #6  
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As I recall, it will come as a separate check.
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Old 01-13-2015, 12:47 PM   #7  
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I believe last year it was 30 Jan.
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Old 01-13-2015, 01:24 PM   #8  
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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.
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Old 01-13-2015, 01:27 PM   #9  
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Quote:
Originally Posted by boxhauler View Post
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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