The election window for Chrysler salaried employees for the disbursement of their 2013 Performance and Leadership Management (PLM) Award into the Salaried Employees’ Savings Plan (SESP) is open for one week. All deferral elections will need to be made between January 30th and February 6th at 3:00 PM (EST). If eligible, participants may contribute up to 100% (less mandatory withholdings) in 1% increments.
Participants should be sure to review their current deferral election to confirm it is in line with their desired deferral for the PLM. Participants may need to make adjustments to the current election under the “Base Only” or “Total Contribution” options prior to the deadline.
Keep in mind, any deferred PLM Award will be applied toward the annual 401(k) contribution limit. The IRS limit for pre-tax contributions in 2014 is $17,500, with an additional $5,500 for participants age 50 or older. If the PLM deferral takes the participant to the contribution limit, any remaining amount will be paid in cash.
If you would like to discuss your PLM Award payment and the deferral options, do not hesitate to contact Mainstay toll-free at 1-866-444-6246.