Post by TonyV on Feb 3, 2011 18:33:43 GMT -5
Hello, I would like to bring your attention on a new post published on the
UAWLAP.org Site.
Details of the post follow.
In Solidarity,
Steven M. Stone
2010 Profit Sharing payment distribution options
2010 PROFIT SHARING
Your 2010 Profit Sharing payment distribution will be paid out March 9, 2011.
Below is the Profit Sharing Payment Timetable, Payment options and how to
make your election.
What You Need To Know
Based on the provisions of the 2007 UAW-Ford Collective Bargaining Agreement,
all eligible hourly employees will receive a Profit Sharing payment on
March 9, 2011.
Profit Sharing Payment Timetable
Event
Date
Election Period
February 14 - 22, 2011
Profit Sharing Day
March 9, 2011
Payment Options
You may elect how to receive your Profit Sharing payment from three payment
options below. All elections must be made in whole percentages, not a fixed
dollar amount, and must equal 100% (example: 50% Cash; 50% TESPHE = 100%).
Payment Options
You may elect how to receive your Profit Sharing payment from three payment
options below. All elections must be made in whole percentages, not a fixed
dollar amount, and must equal 100% (example: 50% Cash; 50% TESPHE = 100%).
Cash - Paid by Check or Direct Deposit
You may elect to have all or a portion of your Profit Sharing payment paid in
cash. If you would like your entire Profit Sharing payment paid in cash, no
action is required. You will receive your payment in the same manner as your
regular wages (check or direct deposit).
Note: Cash payments are subject to withholding of Federal income tax at the
rate of 25%, Social Security taxes at the rate of 5.65%, required state and
local taxes, and outstanding income withholding order deductions. Payments
will be made on or after March 9th, dependent upon any outstanding income
withholding orders.
2. Tax-Efficient Savings Plan for Hourly Employees (TESPHE)
You may elect to contribute all or a portion of your Profit Sharing payment to
the TESPHE, subject to regulatory limits, provided you are eligible to
participate in the TESPHE at the beginning of the solicitation period of
February 14, 2011. Newly hired employees are eligible to participate in the
TESPHE 90 days from "initial date of hire."
Note: If you have any outstanding Child Support Arrearages, any election you
make to contribute all or a portion of your Profit Sharing Payment to the
TESPHE will be cancelled.
3. Ford Interest Advantage (FIA) Account
You may elect to have all or a portion of your Profit Sharing payment directed
into your Ford Interest Advantage (FIA) account, provided you had a
payroll-deducted FIA account established by January 21, 2011. If no FIA
account was active at that time, the amount intended for FIA will be paid to
you in the same manner as your regular wages (check or direct deposit).
Note: FIA distributions are subject to the same taxes, withholding rates,
and outstanding income withholding order deductions as a payment in cash.
Any mandatory amounts not fully deducted from your Profit Sharing payment will
be deducted from subsequent pay checks until your full obligation is
satisfied. This may result in net pay of zero dollars.
TESPHE Taxes, Income Withholding Orders and Child Support Arrearages,
Limitations, Investments, and Transfers
Taxes: That portion of your Profit Sharing payment contributed to the TESPHE is
not subject to current federal income taxes. However, Social Security tax, any
required state and local taxes, will be deducted. If you allocate your entire
Profit Sharing payment to the TESPHE, the applicable taxes will be deducted from
subsequent pay checks until the tax obligation is satisfied. If you elect to
contribute a portion of your Profit Sharing payment to the TESPHE, the
applicable taxes will be taken from the cash portion of your payment. Any
taxes that cannot be deducted from the cash portion of your payment will be
deducted from subsequent pay checks until the applicable tax obligation is
satisfied.
Income Withholding Orders and Child Support Arrearages:
Any outstanding income withholding order amounts will be deducted from the cash
portion of your payment.
If you have any child support arrearages, your TESPHE Profit Sharing payment
election will be cancelled and arrearages deducted per the order limitations.
Limitations: To comply with regulatory limits, contributions from your regular
pay check and any portion of your Profit Sharing payment contributed to the
TESPHE cannot exceed a certain amount on a pay-period basis. Any overage will
be paid in cash and reflected as "amount over legal limit."
Investments: Contributions to the TESPHE from your Profit Sharing payment will
be credited as pre-tax contributions on March 9, 2011, and invested in
accordance with the investment options you have elected for your contributions
from your regular pay check. If there are no investment elections on file, the
contributions will be invested in the TESPHE default investment option based on
the following table. At any time, you can exchange your monies out of the
default investment option and into any other investment option available under
the TESPHE, subject to restrictions imposed by the specific investment option.
TESPHE Default Investment Options
BlackRock LifePathâ Index Fund
Date of Birth Range
BlackRock LifePathâ NL Retirement Fund
In or before the year 1947
BlackRock LifePathâ NL 2015 Fund
1/1/1948 – 12/31/1952
BlackRock LifePathâ NL 2020 Fund
1/1/1953 – 12/31/1957
BlackRock LifePathâ NL 2025 Fund
1/1/1958 – 12/31/1962
BlackRock LifePathâ NL 2030 Fund
1/1/1963 – 12/31/1967
BlackRock LifePathâ NL 2035 Fund
1/1/1968 – 12/31/1972
BlackRock LifePathâ NL 2040 Fund
1/1/1973 – 12/31/1977
BlackRock LifePathâ NL 2045 Fund
1/1/1978 – 12/31/1982
BlackRock LifePathâ NL 2050 Fund
In or after the year 1983
Transfers to Salaried: If you were on hourly payroll in 2010, eligible for a
Profit Sharing payment, and have transferred to the salaried payroll in 2011,
you cannot contribute any portion of your Profit Sharing payment to the TESPHE.
What You Need to Do
If you choose to take your entire Profit Sharing payment in cash, you do not
need to take any action. If you want to direct your Profit Sharing payment to
different elections as indicated above, you will need to make elections during
the Profit Sharing election period, which is Monday, February 14, 2011, through
Tuesday, February 22, 2011, at 9 p.m. Eastern time. If you fail to make an
election, your Profit Sharing payment will default to cash. You will receive
the payment in the same manner as your regular wages (check or direct deposit).
If you choose to make an election, you are required to either:
Log on to the www.myfordbenefits.com Web site
Click on the Profit Sharing link in the Drive Wealth box on the home page
You may also access the election screens from the TESPHE section of the site:
Select the Savings tab
Select Tax-Efficient Savings Plan for Hourly Employees
Choose Actions from the navigation bar
Choose Enter Profit Sharing Election to access the election screens
OR if you do not have computer access, you may:
Call the NESC at 1-800-248-4444 and speak to a Personal Benefits Representative
between 9 a.m. to 9 p.m. Eastern time, Monday through Friday, and:
Choose option 1 from the first menu for Profit Sharing and Savings/401K
Enter your SSN and PIN on the telephone keypad
Select the option that reads: "To make your Profit Sharing Election press the
pound key (#)"
If you make an election, a written confirmation of your Profit Sharing payment
option election will be mailed to your address-of-record, following the election
period.
Accessing the Web site or Calling the NESC for the First Time
You will use your Social Security Number (SSN) as your initial User ID and
your six-digit birth date (MMDDYY) as your initial PIN.If you're logging on
to myfordbenefits.com or calling the NESC to access your TESPHE account for
the first time:
On the Web site, you will be prompted to change both your initial User ID and
PIN to those of your own choosing.
When calling the NESC, you will continue to use your SSN as your User ID.
You may not use an alternative User ID for phone access.
You will use the same PIN you selected to access both the Web site or when
calling the NESC. You can change your PIN at any time.
If you have not used your PIN within one year of creating/changing it, you
will need to create a new PIN as the old PIN has expired. You will be prompted
to do so if that is the case.
Who to Contact for Assistance
For questions regarding your Profit Sharing payment elections:
Chat Online
Access the 'Chat Online' feature to obtain online assistance when you
are logged on to www.myfordbenefits.com
Talk with Us Now
Access the 'Talk with Us Now' feature to enter a call back number when you
are logged on to www.myfordbenefits.com
Contact Us
On the home page of the myfordbenefits.com Web site, click on the 'Contact
Us' link under 'Helpful Information' and enter your question or comment and
click Submit. Replies will be posted to your Inbox on the home page.
Call
Contact the NESC at 1-800-248-4444, 9 a.m. - 9 p.m. Eastern time.
The Company reserves the right to end, suspend, or amend these plans, subject to
the applicable Collective Bargaining Agreement. Amendments also will be made
to comply with regulatory changes. If changes are made, you will be notified.
Steven M Stone
UAW Building Chairperson
Local 862/LAP
502-364-3657 (Office)
502-969-9136 (Hall)
Steven M Stone
UAW Building Chairperson
Local 862/LAP
502-364-3657 (Office)
502-969-9136 (Hall)
Link to the post:
uawlap.org/building-chairpersons-report/2010-profit-sharing-payment-distribution-options.php
Link to UAWLAP.org: uawlap.org
UAWLAP.org Site.
Details of the post follow.
In Solidarity,
Steven M. Stone
2010 Profit Sharing payment distribution options
2010 PROFIT SHARING
Your 2010 Profit Sharing payment distribution will be paid out March 9, 2011.
Below is the Profit Sharing Payment Timetable, Payment options and how to
make your election.
What You Need To Know
Based on the provisions of the 2007 UAW-Ford Collective Bargaining Agreement,
all eligible hourly employees will receive a Profit Sharing payment on
March 9, 2011.
Profit Sharing Payment Timetable
Event
Date
Election Period
February 14 - 22, 2011
Profit Sharing Day
March 9, 2011
Payment Options
You may elect how to receive your Profit Sharing payment from three payment
options below. All elections must be made in whole percentages, not a fixed
dollar amount, and must equal 100% (example: 50% Cash; 50% TESPHE = 100%).
Payment Options
You may elect how to receive your Profit Sharing payment from three payment
options below. All elections must be made in whole percentages, not a fixed
dollar amount, and must equal 100% (example: 50% Cash; 50% TESPHE = 100%).
Cash - Paid by Check or Direct Deposit
You may elect to have all or a portion of your Profit Sharing payment paid in
cash. If you would like your entire Profit Sharing payment paid in cash, no
action is required. You will receive your payment in the same manner as your
regular wages (check or direct deposit).
Note: Cash payments are subject to withholding of Federal income tax at the
rate of 25%, Social Security taxes at the rate of 5.65%, required state and
local taxes, and outstanding income withholding order deductions. Payments
will be made on or after March 9th, dependent upon any outstanding income
withholding orders.
2. Tax-Efficient Savings Plan for Hourly Employees (TESPHE)
You may elect to contribute all or a portion of your Profit Sharing payment to
the TESPHE, subject to regulatory limits, provided you are eligible to
participate in the TESPHE at the beginning of the solicitation period of
February 14, 2011. Newly hired employees are eligible to participate in the
TESPHE 90 days from "initial date of hire."
Note: If you have any outstanding Child Support Arrearages, any election you
make to contribute all or a portion of your Profit Sharing Payment to the
TESPHE will be cancelled.
3. Ford Interest Advantage (FIA) Account
You may elect to have all or a portion of your Profit Sharing payment directed
into your Ford Interest Advantage (FIA) account, provided you had a
payroll-deducted FIA account established by January 21, 2011. If no FIA
account was active at that time, the amount intended for FIA will be paid to
you in the same manner as your regular wages (check or direct deposit).
Note: FIA distributions are subject to the same taxes, withholding rates,
and outstanding income withholding order deductions as a payment in cash.
Any mandatory amounts not fully deducted from your Profit Sharing payment will
be deducted from subsequent pay checks until your full obligation is
satisfied. This may result in net pay of zero dollars.
TESPHE Taxes, Income Withholding Orders and Child Support Arrearages,
Limitations, Investments, and Transfers
Taxes: That portion of your Profit Sharing payment contributed to the TESPHE is
not subject to current federal income taxes. However, Social Security tax, any
required state and local taxes, will be deducted. If you allocate your entire
Profit Sharing payment to the TESPHE, the applicable taxes will be deducted from
subsequent pay checks until the tax obligation is satisfied. If you elect to
contribute a portion of your Profit Sharing payment to the TESPHE, the
applicable taxes will be taken from the cash portion of your payment. Any
taxes that cannot be deducted from the cash portion of your payment will be
deducted from subsequent pay checks until the applicable tax obligation is
satisfied.
Income Withholding Orders and Child Support Arrearages:
Any outstanding income withholding order amounts will be deducted from the cash
portion of your payment.
If you have any child support arrearages, your TESPHE Profit Sharing payment
election will be cancelled and arrearages deducted per the order limitations.
Limitations: To comply with regulatory limits, contributions from your regular
pay check and any portion of your Profit Sharing payment contributed to the
TESPHE cannot exceed a certain amount on a pay-period basis. Any overage will
be paid in cash and reflected as "amount over legal limit."
Investments: Contributions to the TESPHE from your Profit Sharing payment will
be credited as pre-tax contributions on March 9, 2011, and invested in
accordance with the investment options you have elected for your contributions
from your regular pay check. If there are no investment elections on file, the
contributions will be invested in the TESPHE default investment option based on
the following table. At any time, you can exchange your monies out of the
default investment option and into any other investment option available under
the TESPHE, subject to restrictions imposed by the specific investment option.
TESPHE Default Investment Options
BlackRock LifePathâ Index Fund
Date of Birth Range
BlackRock LifePathâ NL Retirement Fund
In or before the year 1947
BlackRock LifePathâ NL 2015 Fund
1/1/1948 – 12/31/1952
BlackRock LifePathâ NL 2020 Fund
1/1/1953 – 12/31/1957
BlackRock LifePathâ NL 2025 Fund
1/1/1958 – 12/31/1962
BlackRock LifePathâ NL 2030 Fund
1/1/1963 – 12/31/1967
BlackRock LifePathâ NL 2035 Fund
1/1/1968 – 12/31/1972
BlackRock LifePathâ NL 2040 Fund
1/1/1973 – 12/31/1977
BlackRock LifePathâ NL 2045 Fund
1/1/1978 – 12/31/1982
BlackRock LifePathâ NL 2050 Fund
In or after the year 1983
Transfers to Salaried: If you were on hourly payroll in 2010, eligible for a
Profit Sharing payment, and have transferred to the salaried payroll in 2011,
you cannot contribute any portion of your Profit Sharing payment to the TESPHE.
What You Need to Do
If you choose to take your entire Profit Sharing payment in cash, you do not
need to take any action. If you want to direct your Profit Sharing payment to
different elections as indicated above, you will need to make elections during
the Profit Sharing election period, which is Monday, February 14, 2011, through
Tuesday, February 22, 2011, at 9 p.m. Eastern time. If you fail to make an
election, your Profit Sharing payment will default to cash. You will receive
the payment in the same manner as your regular wages (check or direct deposit).
If you choose to make an election, you are required to either:
Log on to the www.myfordbenefits.com Web site
Click on the Profit Sharing link in the Drive Wealth box on the home page
You may also access the election screens from the TESPHE section of the site:
Select the Savings tab
Select Tax-Efficient Savings Plan for Hourly Employees
Choose Actions from the navigation bar
Choose Enter Profit Sharing Election to access the election screens
OR if you do not have computer access, you may:
Call the NESC at 1-800-248-4444 and speak to a Personal Benefits Representative
between 9 a.m. to 9 p.m. Eastern time, Monday through Friday, and:
Choose option 1 from the first menu for Profit Sharing and Savings/401K
Enter your SSN and PIN on the telephone keypad
Select the option that reads: "To make your Profit Sharing Election press the
pound key (#)"
If you make an election, a written confirmation of your Profit Sharing payment
option election will be mailed to your address-of-record, following the election
period.
Accessing the Web site or Calling the NESC for the First Time
You will use your Social Security Number (SSN) as your initial User ID and
your six-digit birth date (MMDDYY) as your initial PIN.If you're logging on
to myfordbenefits.com or calling the NESC to access your TESPHE account for
the first time:
On the Web site, you will be prompted to change both your initial User ID and
PIN to those of your own choosing.
When calling the NESC, you will continue to use your SSN as your User ID.
You may not use an alternative User ID for phone access.
You will use the same PIN you selected to access both the Web site or when
calling the NESC. You can change your PIN at any time.
If you have not used your PIN within one year of creating/changing it, you
will need to create a new PIN as the old PIN has expired. You will be prompted
to do so if that is the case.
Who to Contact for Assistance
For questions regarding your Profit Sharing payment elections:
Chat Online
Access the 'Chat Online' feature to obtain online assistance when you
are logged on to www.myfordbenefits.com
Talk with Us Now
Access the 'Talk with Us Now' feature to enter a call back number when you
are logged on to www.myfordbenefits.com
Contact Us
On the home page of the myfordbenefits.com Web site, click on the 'Contact
Us' link under 'Helpful Information' and enter your question or comment and
click Submit. Replies will be posted to your Inbox on the home page.
Call
Contact the NESC at 1-800-248-4444, 9 a.m. - 9 p.m. Eastern time.
The Company reserves the right to end, suspend, or amend these plans, subject to
the applicable Collective Bargaining Agreement. Amendments also will be made
to comply with regulatory changes. If changes are made, you will be notified.
Steven M Stone
UAW Building Chairperson
Local 862/LAP
502-364-3657 (Office)
502-969-9136 (Hall)
Steven M Stone
UAW Building Chairperson
Local 862/LAP
502-364-3657 (Office)
502-969-9136 (Hall)
Link to the post:
uawlap.org/building-chairpersons-report/2010-profit-sharing-payment-distribution-options.php
Link to UAWLAP.org: uawlap.org