American Airlines and Labor Negotiations
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WeAAsles
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- Oct 20, 2007
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September 24, 2018
TO: AA Locals 501 – 591
RE: TWU Reserve/Equity Fund Distribution Update
Dear Brothers and Sisters:
As a follow up to Friday’s conference call with TWU American Airlines Presidents, below is a summary of the latest developments, with respect to the TWU Reserve/Equity fund distribution:
• First and foremost, the next equity distribution of $35,900,000 is expected to go out for distribution to eligible members in November. This distribution will follow the same methodology that was used previously, which was established by the Equity Committee.
• The company has notified TWU that it is on track to provide the necessary taxpayer information to Computershare for the November distribution. No different than before, the company must provide this information to Computershare, since TWU does not employ our members and TWU does not have the necessary individual taxpayer information for each member needed for this type of distribution.
• The distribution of the funds from Computershare will be made by check and mailed to each eligible employee’s last known address on file with the Company.
• Also, the same as last time, a legal determination, in accordance with IRS rules and regulations, has been requested with respect to the withholding of income taxes on the equity distributions to be made in accordance with the following formula:
1. For active employees and those on leave of absence, or those who have since left the company via retirement, termination or otherwise and are still alive, American Airlines will issue a W2 and withhold applicable taxes;
2. For employees, deceased after 1/1/2018, American Airlines will issue a W2 with and will withhold applicable taxes; and
3. For employees deceased prior to 1/1/2018, Computershare will issue a 1099 form and no taxes will be withheld.
Let’s not forget that this equity distribution is not a bonus, nor does this money repay us for the sacrifices we have been forced to endure through bankruptcy or the airline’s merger; in order for American to become the world’s largest airline.
TWU International will continue to provide any new or additional information and details to you as soon as they become available.
Fraternally,
Gary Peterson TWU International Vice President
TO: AA Locals 501 – 591
RE: TWU Reserve/Equity Fund Distribution Update
Dear Brothers and Sisters:
As a follow up to Friday’s conference call with TWU American Airlines Presidents, below is a summary of the latest developments, with respect to the TWU Reserve/Equity fund distribution:
• First and foremost, the next equity distribution of $35,900,000 is expected to go out for distribution to eligible members in November. This distribution will follow the same methodology that was used previously, which was established by the Equity Committee.
• The company has notified TWU that it is on track to provide the necessary taxpayer information to Computershare for the November distribution. No different than before, the company must provide this information to Computershare, since TWU does not employ our members and TWU does not have the necessary individual taxpayer information for each member needed for this type of distribution.
• The distribution of the funds from Computershare will be made by check and mailed to each eligible employee’s last known address on file with the Company.
• Also, the same as last time, a legal determination, in accordance with IRS rules and regulations, has been requested with respect to the withholding of income taxes on the equity distributions to be made in accordance with the following formula:
1. For active employees and those on leave of absence, or those who have since left the company via retirement, termination or otherwise and are still alive, American Airlines will issue a W2 and withhold applicable taxes;
2. For employees, deceased after 1/1/2018, American Airlines will issue a W2 with and will withhold applicable taxes; and
3. For employees deceased prior to 1/1/2018, Computershare will issue a 1099 form and no taxes will be withheld.
Let’s not forget that this equity distribution is not a bonus, nor does this money repay us for the sacrifices we have been forced to endure through bankruptcy or the airline’s merger; in order for American to become the world’s largest airline.
TWU International will continue to provide any new or additional information and details to you as soon as they become available.
Fraternally,
Gary Peterson TWU International Vice President
Tim Nelson
Veteran
Do you think that weez got good information that oil will go back down to $40?
Today its close to a 12 month high and may breach $75.
Wonder what weez is willing to give up if it keeps going up?
WeAAsles
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- Oct 20, 2007
- 23,188
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I believe it was Fidelity that was the original brokerage firm managing the money so of course they charged fees. As far as distribution, yes Computershare is charging (of course) to distribute.
Do ya think it was the weez that started tainting this thread with info that belongs in the Equity Update thread?
Once again, and as usual this thread is in the toilet. The same guy that started this thread may no appreciate that too much...
WeAAsles
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- Oct 20, 2007
- 23,188
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Eligibility for Participation in Equity Distribution
The general rule for eligibility to participate in the distribution is: an employee was in the TWU represented craft/class and active employee on payroll, approved leaves of absence on both the date of American’s filing its petition for bankruptcy (November 29, 2011) and the closing date for eligibility (July 26, 2013). Does not exclude RIF employees between 11/29/11-7/26/13. Exclusions Apply
A part-time employee in a TWU represented craft/class on November 29, 2011, who satisfies the Eligibility Rules, will participate in the Equity Distribution at a 70% share of what would be received if a full-time employee, status as full time or part time for the distribution will depend on status as of November 29, 2011
1AA
Veteran
Yea baby, oil on the rise and we haven't even started mediated talks. This is going to be interesting.
1AA
Veteran
The dollar is losing value. Oil trades on the US dollar. That's one factor why oil prices increase among others. I doubt hurricane Florence had a world wide effect on oil prices. Locally yes due to demand.
1AA
Veteran
Tim Nelson
Veteran
how much of a pay cut do you think we will be asked to take by the arbitrator in 4 years?
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