Welcome to TWU local 514

This site is for the members of the Transport Workers Union of America, Local 514
Log in to see Grievance Information or Documentation

New Users Login - Click Here


If you are having trouble logging in, contact our staff @ 918-437-4300 They will be glad to assist you!

Member Login
Lost your password?

Prefunding info on Jetnet.com

May 7, 2012

 

Employee Prefunding Balance

Your employee prefunding balance is $(Your Balance Displayed Here) as of March 31, 2012, and includes investment earnings through this date, this does not include Company contributions. Review the information below for additional information.

Key Topic – Prefunding

Today, TWU-represented employees at American Airlines contribute an amount each pay period to a trust that is used to pay for the employees’ retiree medical costs upon retirement. The company also matches the employees’ prefunding contributions.

This trust has strict terms that allow American to only use the funds for costs related to the employees’ retiree healthcare.

As part of the planned benefit changes, American will refund the TWU-represented employees’ prefunding contributions and the associated investment earnings, to all employees still contributing to the trust.

Now, American has agreed in the TWU proposals to provide the Company match to employees by also refunding the Company’s trust contributions (subject to applicable tax withholding), if consensual agreements are reached and contingent on the successful resolution of the Section 1114 retiree process.

Your employee prefunding balance is listed above and does not include the Company match amount; the Company match may be different due to the timing of contributions and investment experience.

Questions and Answers:

How do I know what amount is being paid each pay period for my prefunding retiree medical?
The amount you pay for employee prefunding can be found on your paycheck stub under your post-tax benefit deductions.

Will my employee prefunding refund be taxed?
Employee prefunding contributions were made on a post-tax basis, so this amount has already been taxed through your payroll deductions; however, the investment earnings on your contributions are subject to taxation, so you will receive a form 1099-Misc to be filed with your tax return. Consult your tax advisor for information on filing your income tax.

How will I get my employee prefunding refund?
You will receive a paper check, one for your employee contributions and one for your investments.

Can my employee prefunding refund be rolled into my 401K?
No, the prefunding plan is not a qualified retirement plan; therefore, it cannot be rolled over into your 401(k) account

image_pdfimage_print
FacebookTwitterGoogle+Share

Tags:

Must be logged in to see comments.CLICK HERE to login

Newsletter Archive

Looking for a Seniority list?

You can see the latest Seniority list on JetNet.aa.com.
Go to the following link: Seniority List
You will need to log in to your JetNet account.

Union Sportsmans Alliance , USA



Archives

New Users Login - Click Here
-------------------------

Bad Weather

Call (918) 292-2222 to see if AA has issued a Transportation Emergency.

User Login