On February 6, 2018, GM will announce the maximum profit sharing payment amount for eligible members who accrued 1,850 or more compensated hours during 2017. Per the Plan language, eligible members who accrued less than 1,850 compensated hours will receive a prorated share based on the number of accrued compensated hours.
Active members will receive the profit sharing payment in their February 23, 2018 paycheck. Eligible retiree (a retiree who worked and had compensated hours in 2017) payments will be paid on March 23, 2018.
Members do have the opportunity to contribute all or a portion of their payout in one percent increments up to 100 percent, or a flat dollar amount to their 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 26, 2018 and 4 p.m. EST on February 9, 2018. Elections can be made online at gmbenefits.com or by calling the GM Benefits & Services Center at 1-800-489-4646.
Please consider the following when deferring all or a portion of the Profit Sharing payout:
- Members must make a new deferral election during the window period.
- The payout is subject to FICA tax and Union dues.
- For active members receiving wages, the Profit Sharing contribution will be the percentage or flat dollar amount elected, provided other wages are enough to satisfy the FICA and Union dues obligations of the combined wages and Profit Sharing payout.
- For active members not receiving wages, the Profit Sharing contribution will be after FICA taxes and Union dues are deducted from the Profit Sharing payout.
- Any outstanding payroll or benefit overpayments, special court orders for child support arrearages, tax levies or similar obligations will be deducted from the Profit Sharing payout before any contributions are made to the PSP.
The following are not eligible to defer:
- Members on a leave of absence or layoff
- Members who are suspended from participating in the PSP
- Inactive members, including those who retired in 2017
- Members receiving payments less than $50
For more details and deferral examples, please refer to the Profit Sharing communication sent to members beginning January 25, 2018 based on their preferred method of communication on file at Fidelity.