Joint Communication on IBT Lump Sum Hold Back Allocation
As per LOA #28, the Company held back 3.0% of the $185M lump sum pool to correct any errors or omissions in the allocation, calculation and distribution of the lump sum, as determined in the challenge process. All disputed claims have now been finalized and the remaining contingency will be paid pro rata to eligible employees according to the allocation methodology. Hold back payments will be paid to employees in a separate check on June 7, 2017. Regular 401k election rules will apply for domestic US employees.
If you have additional questions please email IBTImplementation@united.com.