Profit Sharing

[InternationalShannon]

Can someone please explain, in a nutshell, how the profit sharing works? It is divided into workgroups, right? Does anyone know the pecking order besides the obvious pilots?
At that point is it done by seniority, hours worked, etc?

This is my first full year back since the company actually had a profit - - and the years before were right before 9/11 and the subsequent BK.

How much did the average full timer make last year? Did part timers get one half of that? Agents, I mean?

Not that the money is life-changing , but my mani-pedi fund that I hide from the hubby is running low...

 

[700UW]

Read your CBA and ask your CWA reps for an explanation.

 

[YVINTERN]

Way to go Union Dude...Can't you be helpful at all sometimes? but yeah Shannon! Go and read the 4000+ page CBA

 

[700UW]

The language is vague and complex, I am not an accountant to provide how it is paid out, I refered her to the proper place to get the correct information, she needs to contact Velvet Hawthorne.

This is the language for fleet, is it similar in all CBAs:

The Company will offer a profit-sharing program for Fleet Service employees subject to the following conditions:

• IAM’s agreement to eliminate the current profit-sharing provisions of the August 2002 and
January 2003 Restructuring Agreements;

• Approval by the US Airways Group, Inc., Board of Directors; and

• Approval as part of the Company’s confirmed plan of reorganization in bankruptcy.
Assuming satisfaction of the conditions set forth above, the profit-sharing plan will be based on the
following terms:

1. Company profit sharing pool to be established at 10% of the pre-tax profit excluding unusual
items (as reported, according to GAAP accounting practices) for pre-tax margins ranging from
0.1% to 5.0%; and at the above, plus 25% of any pre-tax profit excluding unusual items (as
reported, according to GAAP accounting practices) in excess of a pre-tax margin of 5.0%.

2. IAM’s portion of the profit-sharing pool will be proportionate to IAM’s share of the overall cost
savings achieved through the Transformation Plan.

3. An individual Fleet Service employee’s profit-sharing payment will be based on such
employee’s gross W-2 earnings (prior to any elective deferrals) for the prior calendar year
divided by the gross W-2 earnings (prior to any elective deferrals) for all eligible Fleet Service
employees for the prior calendar year. At IAM’s option, “eligible Fleet Service employee†may
include retired or furloughed Fleet Service employees who had gross W-2 earnings (prior to any
elective deferrals) for the prior calendar year, subject to applicable law.

Care to take a shot, without knowing their total concessions?

 

[YVINTERN]

No thanks...I wouldn't want to be an armchair quarterback today...Thanks though I hope to get an internship at an union so I can learn more about labor anti-trust law.

 

[InternationalShannon]

Read your CBA and ask your CWA reps for an explanation.

Ohhhhhhhh , well thanks for your helpfulness. Except that I'm too freaking busy and I'd rather someone just tell it to me in reader's digest version.

 

[necigrad]

I think it's actually simple. Each work group in the pool gets a share porportinate to the concessions given. If the pilots gave 40% of the total concessions, they get 40% of the pool. The pool is then divided further to give each employee (and this is where I'm not 100%) an equal percentage of their base pay.

 

[InternationalShannon]

:blink: okay, screw all that. They don't make a cliff's notes for that.

Perhaps you can explain it to me in terms I can understand. For instance.....someone who was a part time agent last year...

was the check like this....

or maybe even this

 

[700UW]

It is based on your W-2 earnings.

 

[brokenwrench]

For a clear answer read your IAM contract.

oxymoron

Main Entry: ox·y·mo·ron
Pronunciation: \ˌäk-sē-ˈmȯr-ˌän\
Function: noun
Inflected Form(s): plural ox·y·mo·ra \-ˈmȯr-ə\
Etymology: Late Greek oxymōron, from neuter of oxymōros pointedly foolish, from Greek oxys sharp, keen + mōros foolish
Date: 1657
: a combination of contradictory or incongruous words (as cruel kindness); broadly : something (as a concept) that is made up of contradictory or incongruous elements— ox·y·mo·ron·ic \-mə-ˈrä-nik, -mȯ-\ adjective
— ox·y·mo·ron·i·cal·ly \-ni-k(ə-)lē\ adverb

 

[InternationalShannon]

For a clear answer read your IAM contract.

oxymoron

Main Entry: ox·y·mo·ron
Pronunciation: \ˌäk-sē-ˈmȯr-ˌän\
Function: noun
Inflected Form(s): plural ox·y·mo·ra \-ˈmȯr-ə\
Etymology: Late Greek oxymōron, from neuter of oxymōros pointedly foolish, from Greek oxys sharp, keen + mōros foolish
Date: 1657
: a combination of contradictory or incongruous words (as cruel kindness); broadly : something (as a concept) that is made up of contradictory or incongruous elements— ox·y·mo·ron·ic \-mə-ˈrä-nik, -mȯ-\ adjective
— ox·y·mo·ron·i·cal·ly \-ni-k(ə-)lē\ adverb

Main Entry: smart al·eck
Variant(s): also smart al·ec \ˈsmärt-ˌa-lik, -ˌe-\
Function: noun
Etymology: Aleck, nickname for Alexander
Date: 1865
: an obnoxiously conceited and self-assertive person with pretensions to smartness or cleverness

 

[YVINTERN]

:blink: okay, screw all that. They don't make a cliff's notes for that.

Perhaps you can explain it to me in terms I can understand. For instance.....someone who was a part time agent last year...

Part Timers get this...

 

[InternationalShannon]

Well crap. I don't even get the french vanilla kind?

Do you think it would be silly to hope I get like, $200? that's two spa mani pedi's or lots of starbucks. Let's work with me here. Am I being realistic? Simple yes or no.

 

[Ima B. Yotch]

Well crap. I don't even get the french vanilla kind?

Do you think it would be silly to hope I get like, $200? that's two spa mani pedi's or lots of starbucks. Let's work with me here. Am I being realistic? Simple yes or no.

Let me make it as simple as possible..... the manual looks like this...and is about as effective.

and remember.....the bigger the pony, the bigger the present.

 

[N965VJ]

<SNIP> I'd rather someone just tell it to me in reader's digest version.