UAL profit sharing
08-16-2016 | 01:10 PM
#12
Line Holder
Joined: Feb 2011
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Would a new-hire from last fall be eligible for 100% of the PS, or say a pro-rated rate starting from their one year anniversary? I can't seem to find any details on how it's all calculated (not that I tried that hard...)
Thanks!
Thanks!
08-16-2016 | 01:18 PM
#13
Gets Weekends Off
Joined: Oct 2010
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There have been some rumblings of trying to get it pro-rated but the profit sharing is currently subject to company policy and it also applies company wide to the non-pilots that also participate.
08-16-2016 | 01:38 PM
#14
Line Holder
Joined: May 2012
Posts: 317
Likes: 1
From: CAP A320
(Optionally can put selected percentage of funds into retirement plan up to annual IRS limit.)[/QUOTE]
If you elect to have it go into your retirement, all of it goes in untaxed, is that correct? But otherwise it's taxed when receiving it in your pay check.
If you elect to have it go into your retirement, all of it goes in untaxed, is that correct? But otherwise it's taxed when receiving it in your pay check.
08-16-2016 | 01:58 PM
#15
Gets Weekends Off
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The best source of info will be the ALPA and UAL communications that are put out seasonally. Then you can select your retirement contribution online during the selection window prior to the payout.
08-16-2016 | 04:34 PM
#16
Don't say Guppy
Joined: Dec 2010
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From: Guppy driver
No, it is not untaxed if you put it in your PDAP. I thought it was, and it cost me a lot.
It is a different category of income. I can't remember what was taxed. I believe I would have been better off financially taking it all as taxable income, and then increasing my 401k contribution for a couple of months.
It is a different category of income. I can't remember what was taxed. I believe I would have been better off financially taking it all as taxable income, and then increasing my 401k contribution for a couple of months.
08-16-2016 | 05:48 PM
#17
Gets Weekends Off
Joined: Feb 2011
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Yes. Just like any other income. You can only shield x amount of your income via pretax 401k and B contributions. Any pretax contributions above x go to VEBA. This limit is reached via profit sharing or regular income, either one or both, it does not matter.
08-16-2016 | 07:20 PM
#18
Gets Weekends Off
Joined: May 2007
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From: A320 Captain
No, it is not untaxed if you put it in your PDAP. I thought it was, and it cost me a lot.
It is a different category of income. I can't remember what was taxed. I believe I would have been better off financially taking it all as taxable income, and then increasing my 401k contribution for a couple of months.
It is a different category of income. I can't remember what was taxed. I believe I would have been better off financially taking it all as taxable income, and then increasing my 401k contribution for a couple of months.
08-16-2016 | 07:59 PM
#19
Don't say Guppy
Joined: Dec 2010
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From: Guppy driver
I believe it was something like that, and if I remember right, it didn't count towards the cap in SS and medicare tax that we pay (110K ish). So I think I will end up paying a lot more SS and medicare tax than I would have had I not put it in the PDAP.
08-16-2016 | 11:45 PM
#20
Gets Weekends Off
Joined: Feb 2011
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And a couple of other items, too. And since those were "income" before they got paid there is actually a small amount of federal tax that gets withheld, even if you elect 100% to go to pretax 401k.
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