United Announces 2022 Profit Sharing
January 19, 2023
United’s recent announcement of our airline’s return to profitability alerted all of us to the possibility of a 2022 Profit Sharing payment. Today, United released information on our individual Profit-Sharing Payments via the company’s website. From Flying Together, access the Employee Services tab >> Compensation and Incentives to access information on our individual 2022 Profit Sharing payment.
Deferral of Profit Sharing to Company Retirement Plan Accounts
Eligible employees will have the opportunity to contribute a portion of their profit-sharing payments to their eligible company-sponsored retirement plan account, which include the United Airlines 401(k) Savings Plan, United Airlines Flight Attendant 401(k) Plan, Pilot Retirement Account Plan (PRAP), Continental Micronesia, Inc. 401(k) Savings Plan and United Airlines UK Group Stakeholder Plan. Employees with less than one year of service as of December 31, 2022 are not Profit Sharing eligible.
For those of us who are Profit Sharing eligible, we may elect to contribute all or a portion of our Profit Sharing payment into our eligible company-sponsored retirement plan account. This is a one-time election which does not affect your normal election for payroll contributions to your company sponsored retirement plan account. Essentially, it a separate and additional contribution that requires you to make an active election.
Making this deferral election requires that you access the Special 401k programs link on the company website to defer any portion of you Profit Sharing on a pre-tax, post-tax or Roth 401(k) basis or any combination thereof. You may specify the percentage deferred to each of these options and any remaining amount after these percentages are applied will be paid in cash.
Direct Deposit Payment Option
The portion of your profit-sharing payment that is not deferred to your company-sponsored retirement plan account will be placed in your direct deposit account, if you've set one up, or you will receive a paper check. To enable direct deposit for your profit-sharing payment, you need to set up payroll direct deposit via FlyingTogether > My Info/Manager's Toolbox > Direct Deposit.
Additional specific information on the Profit Sharing Program can be found in the company’s Profit Sharing FAQ.
If you wish to make special election modifications and/or direct deposit elections in time to affect your Profit Sharing payment, you have until 11:59 PM Central time on February 07, 2023 to make these changes.
Profit Sharing for VSL Participants
VSL participants are eligible to receive a Profit Sharing payment as outlined in the VSL program documents.