Post by TonyV on Feb 1, 2011 20:00:33 GMT -5
2010 PROFIT SHARING
Purpose
To notify you of your 2010 Profit Sharing payment distribution 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%).
1. 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:
„X Any outstanding income withholding order amounts will be deducted from the cash portion of your payment.
„X If you have any child support arrearages, your TESPHE Profit Sharing payment election will be cancelled and arrearages deducted per the order limitations.
Purpose
To notify you of your 2010 Profit Sharing payment distribution 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%).
1. 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:
„X Any outstanding income withholding order amounts will be deducted from the cash portion of your payment.
„X If you have any child support arrearages, your TESPHE Profit Sharing payment election will be cancelled and arrearages deducted per the order limitations.