Here are some answers to some common questions regarding the upcoming Profit Sharing payout.
Q. When will profit sharing be paid out?
A. On February 23, 2018 for eligible active hourly employees and March 23, 2018 for eligible retirees who had compensated hours in 2017.
Q. How much will profit sharing payments be?
A. Maximum payment up to $11,750.
Q. How many compensated hours did I have to accrue in the 2017 calendar year to receive the maximum payment?
A. 1,850 compensated hours.
Q. If I have more than 1850 compensated hours will I receive more than the maximum profit sharing payout?
?A. No, $11,750 is the maximum profit sharing payout you can receive for 2017.
Q. What if I have less than 1850 compensated hours, how much profit sharing will I receive?
A. Eligible hourly employees who accrued less than 1,850 compensated hours will receive a pro-rated share based on the number of accrued compensated hours.
Q. What is the formula used to calculate the amount of profit sharing I should receive?
A. Profit sharing amount payable is calculated by dividing an employee’s compensated hours by 1850 and multiplying the result by the maximum profit sharing amount payable for the Plan year.
For example, an eligible hourly employee with 1500 compensated hours the calculation would work as follows: (1500 ÷ 1850) X 11,750 = $9,527.03. ?????
Q. If I’m on layoff will I have to report my profit sharing payment as earnings to the State in which I’m receiving Unemployment Benefits?
?A. As a general rule, members should declare their profit sharing payment when they file for unemployment.