Profit Sharing payout schedule
02-13-2016 | 09:05 AM
#11
Banned
Joined: Aug 2010
Posts: 364
Likes: 0
From: next to chronic complainers...
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 | 10:27 AM
#12
Gets Weekends Off
Joined: Feb 2011
Posts: 3,866
Likes: 0
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 | 02:01 PM
#13
Gets Weekends Off
Joined: Dec 2008
Posts: 199
Likes: 0
From: 777 Cap
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 | 02:55 PM
#14
Line Holder
Joined: Jun 2010
Posts: 943
Likes: 0
From: 747 Captain, retired
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 | 03:39 PM
#15
Gets Weekends Off
Joined: Dec 2008
Posts: 199
Likes: 0
From: 777 Cap
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 | 03:57 PM
#16
Line Holder
Joined: Jun 2010
Posts: 943
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From: 747 Captain, retired
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 | 04:47 PM
#17
Gets Weekends Off
Joined: Dec 2008
Posts: 199
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From: 777 Cap
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 | 05:49 PM
#18
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Joined: Sep 2007
Posts: 343
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02-13-2016 | 06:51 PM
#20
Banned
Joined: Mar 2015
Posts: 846
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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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