PSA to Participate in Profit Sharing!
A Message from PSA President Keith Houk
January 30, 2007
US Airways reported 2006 results today and with a net profit of $507 million, a profit sharing
pool of $58.7 million will be distributed based primarily on concessions made by employee
groups during bankruptcy. PSA’s concessions were limited to the first bankruptcy and were
extremely small in relation to the overall concessions of other US Airways Group employees.
Therefore, since the distribution is directly in proportion to the amount of concessions, our payout
under the program will be limited.
Here is how the program works: When US Airways Group was in bankruptcy, each employee
group gave concessions in order for US Airways and its subsidiaries to emerge from bankruptcy.
Those employee groups will now participate in a distribution of funds that equates to 10% of US
Airways’ pre-tax profit.
The amount of funds available for PSA’s pool was based on PSA’s bankruptcy concessions.
PSA’s contribution to the first bankruptcy concessions was $1.1 million, which equates to
0.109% of the total concessions of all US Airways Group employees. Therefore, PSA employees
will share in the same percentage – 0.109% – of the profit sharing pool, for a total of $64,166.
How will this pool be divided among PSA employees? The pool will first be divided by employee
group based on that group’s percent of contributions to PSA’s total savings during the first
bankruptcy. Next, calculate the percentage that your W-2 wage is of the total 2006 W-2 wages for
your group. Your percentage, multiplied by your group’s pool will result in your payout.
For example, let’s say you are in Workgroup A.
· Workgroup A contributed 13% of PSA’s total concessions during the first bankruptcy.
Therefore, Workgroup A’s pool is $8,342 (13% of $64,166).
· If you had W-2 earnings of $30,000 in 2006 and all of the employees in your workgroup
had $8.2 million in 2006 W-2 earnings, your percentage of the workgroup’s pool is
0.37%
· Therefore your payout would be $30.87 (.0037 X $8,342).
You will receive your profit sharing payout during the first pay cycle in March. Payouts will be
included in your regular paycheck and will be identified as a separate line item on your pay stub.
Again, thank you all for your contribution to US Airways’ performance in 2006 and
congratulations on a well-earned profit share. Find additional information about the earnings and
Mainline’s profit sharing program on theHub.usairways.com.
