PROFIT SHARING We find ourselves answering the same questions about the Profit Sharing distribution at the end of each quarter; here is a brief rundown of the high points in an attempt to answer some of these questions. • When does The Profit Sharing get paid out? For Quarters 1, 2, 3; The Pool will be distributed within 45 Days of the end of each quarter. This means that the Profit Sharing Pool will be paid out sometime after the end of the quarter and the 45th. Day after the end of the quarter. Experience tells us that the distribution will be closer to the end of the 45th. day of the waiting period. For the 4th. Quarter The pool will be distributed within 15 days following following the date of public release of CCI’s annual audited financial statements. Cleveland Cliffs announces when they will release to the public their audited financial statements, this is the day to start counting the days until the Profit Sharing pool will be paid out. • What hours are counted for the Profit Sharing? Hours counted for the purpose of calculating the individual payout include; Hours worked, vacation and holiday, funeral leave, jury/witness duty, personal days, FMLA, workers comp and military and/or some types of Government Service.* and hours spent on Union Business. Hours counted for the Profit Sharing are limited to 8hrs. a day 40 hours a week. So if an individual works more than 40 hours a week during the quarter, only the 40 hours will be used to account for Profit Sharing pay out. If an individual works less than 40 hours in a week during the quarter (such as the first and last weeks of a quarter) hours on hot relief or anything similar will be counted resulting in a possible fractional breakdown of payable hours. Example; XXX.45 hours. *For a complete and legal listing see Appendix 1 of the Basic Labor Agreement. • AWS For Profit Sharing purposes only, employees on a 12 hr. schedule that are absent will be considered to have worked 40 hours less the hours missed for the week in question, regardless of whether that week was scheduled to be a 36 hour week or a 48 hour week. Overtime that is worked during a week in which a person is absent would be added to the employee’s other actual hours worked, up to the 40 hour maximum. • Profit Sharing Bank If the Profit Sharing Pool is greater than the $11.00 maximum per hour during the year the extra will be put into the Profit Sharing Bank. If at the end of the year there were any quarters during the year that were less than the $11.00 maximum the difference will be paid out provided that there is anything in the Profit Sharing Bank. First quarter of the following year; If the first quarter of the following year does not reach the $11.00 maximum, the difference will be paid out from the Profit Sharing Bank provided the Profit Sharing Bank contains any money to pay out. If there is any money left in the Profit Sharing Bank after the first quarter payout it will be sacrificed. If there is not enough in the Profit Sharing Bank to pay out the full shortage for the year, what is in the Profit Sharing Bank will be paid out equally to eligible employees until exhausted.
Posted on: Wed, 06 Nov 2013 19:10:53 +0000
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