The election period to select a payment option for both the Ford salaried employees’ AICP (Annual Incentive Compensation Plan) Bonus payout and the Ford hourly employees’ Profit Sharing payout is February 11th through February 19th.
All eligible participants were provided the option to receive the payment as cash, contribute all or a portion of the payment to the SSIP or TESPHE (deferring all federal income tax withholding), or contribute all or a portion of the payment to a Ford Interest Advantage account.
If no election is made for the AICP or Profit Sharing payout, you will receive your entire payment in cash, incurring a mandatory 25% Federal income tax withholding.
Any amount of the AICP payout or Profit Sharing payout that is elected for deferral to the SSIP or TESPHE will be combined with your pre-tax contributions that are contributed to the plan throughout the year, including those contributions you have already made this year. Keep in mind, the IRS limit for pre-tax contributions can not exceed $17,500 for 2013 (or $23,000 if age 50 or older). There is a total contribution limit, which includes your contributions and company match (where applicable), of $51,000 (or $56,500 if age 50 or older) for 2013.
For salaried employees, Ford will continue to match $.80 on the dollar up to 5% of base salary as long as you maintain your payroll contributions throughout the year. The company match will continue on a pre-tax basis without affecting the pre-tax threshold.
Do not hesitate to contact us toll-free at 1‑866‑444‑6246 if you would like to discuss your AICP or Profit Sharing election options.