Profit Sharing Deferrals and E-Delivery Updates

E-Delivery:

Information is priceless, so is getting it quickly. Save trees. Save time. Go Paperless

Hereʼs how to receive important benefits information via email – itʼs easy!

  1. Login to Netbenefits.com
  2. Select the “Profile” link in the top right corner of the Home Page.
  3. Under “About You”, provide or confirm your email address by selecting “Email Address”.
  4. Under “Preferences”, select “Mail Preferences”.
  5. In the “Required Disclosures” row, select “Update”.
  6. Review the Consent and click the “I Consent” button.

 

Youʼre all set! Your delivery preference for required disclosures (prospectuses, certain plan literature, and other legally required documents) is now set to eDelivery and you will begin receiving these materials via email. If you have any questions, you can call the GM Benefits & Services Center at 1-800-489-4646.

 

Hourly Employee Profit Sharing – Deferral Election Window Period Announced

 

In the event that there is a payout under the Profit Sharing Plan, you will have the opportunity to contribute all or a portion of your payout in one percent increments, up to 100 percent, or a flat dollar amount, to your Personal Savings Plan (PSP) on a pre-tax basis, subject to tax law limitations.  Deferral contribution elections will be accepted between 8:00 a.m. EST on January 28, 2016 and 4 p.m. EST on February 11, 2016.  Elections can be made online at gmbenefits.com or by calling the GM Benefits & Services Center at 1-800-489-4646.

 

If you are considering deferring all or a portion of your Profit Sharing payout into your PSP account, please consider the following:

 

  • You must make a new deferral election during the window period.
  • The payout will be subject to FICA taxes and Union dues.
  • For active employees receiving wages, your profit sharing contribution will be the percentage or flat dollar amount you elected, provided your other wages are enough to satisfy the FICA and Union dues obligations.
  • For active employees not receiving wages, your profit sharing contribution will be after FICA taxes and Union dues are deducted.
  • Any outstanding payroll or benefit overpayments, special court orders for child support arrearages, tax levies or similar obligations will have these obligations paid before any contributions are made to the PSP.
  • You must be eligible to accumulate savings in the PSP for your contribution election to be effective.

 

For more details and deferral examples, please refer to the Profit Sharing communication that will be sent to employees beginning January 21, 2016 based on their preferred method of communication on file at Fidelity.

 

 

Leave a Reply

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s