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Attention Frontier Associates...Information Regarding Your 2017 CPS
Posted On: Jan 24, 2017

January 30, 2017

 

Dear Frontier Employee:

 

In March 2017 Frontier Communications may reward eligible associates for their contributions to the success of Frontier West Virginia Inc. with a Corporate Profit Sharing (CPS) award.  The CPS award reflects the fact that both Frontier and CWA recognize how important performance is in our competitive business.   

The CPS award will be paid either as a lump sum payment or may be deferred into your Frontier Communications Corporate Services Inc. Savings and Security Plan for Mid-Atlantic Associates.

 

The CPS will be paid to eligible associates on or around March 15, 2017 (based on employees’ regular payroll distribution schedule).  The CPS award is subject to FICA (Social Security and Medicare) taxes at the time of the award.  In addition, Pennsylvania employees are also subject to state and local (if applicable) withholding on the deferred award.  The award will also be subject to union dues, if applicable, and to all legally required deductions such as wage garnishments.  These deduction amounts reduce the amount of the deferred award and are subject to federal income taxes even if the remainder of the award is deferred to the Frontier Communications Corporate Services Inc. Savings and Security Plan for Mid-Atlantic Associates.  

 

Opportunity to Defer CPS Award into Frontier Communications Corporate Services Inc. Savings and Security Plan for Mid-Atlantic Associates

 

You have the opportunity to defer the entire amount of your CPS award (minus appropriate taxes and deductions and any overtime adjustment you may receive) into your Frontier Communications 401(k) Savings Plan account.  

  • To defer payment of the CPS award, you must be actively contributing to the savings plan at the time the award is paid and meet all other eligibility criteria.

  • If you elect this option, the CPS award will be deferred into the savings plan on a before-tax basis, and a company matching contribution equal to 6% of the CPS amount will be made to your account.  

  • If you choose to defer your award, you will not receive your payment in your paycheck.

 

How to Defer Your CPS Award to the Savings Plan

 

If you choose to defer your CPS award, you must make your election between February 10, 2017 and March 1, 2017.  To make your election on the Fidelity NetBenefits® web site, go to www.401k.com, enter your login ID and password, click on “FRONTIER MIDATLANTIC” on the home page, then under “Quick Links,” choose “Contribution Amount.”  Under “Manage your Contribution Amount,” select “Contribution Amount,” scroll down to “Other Contributions (CPS Award)” where you can select either “Yes” or “No.”  You may also call Service Center at 1-800-835-5095 between 8:30 a.m. and 8:30 p.m. Eastern time, any business day.  Please note the Service Center will be closed on February 20, 2017 in observance of President’s Day.  Please note that the deferral period ends at 5:00 p.m. ET on March 1, 2017.  If you choose not to defer your CPS award, your CPS cash award will be paid to you as described below.

 

Additionally, the CPS award is not eligible for deferral into the savings plan when paid after you leave active service with Frontier. Therefore, if you elect to defer the award into the savings plan, but leave the company for any reason before it is paid, the award will not be deferred and will not be subject to regular savings plan deductions.

 

If You Choose Not To Defer Your Award

 

If you choose not to defer your award, you will receive your CPS award payment on or around March 15, 2017 (depending on your regular payroll distribution date) with regular savings plan deductions and taxes withheld, as applicable.  Your savings plan deductions will be invested based on your investment election for current contributions.  Employees with direct deposit of net pay for regular paychecks will have the CPS award paid via direct deposit to the same financial institution and bank account.


If you have questions regarding the deferral of your CPS award to the Savings Plan you can call the Service Center at 1-800-835-5095.  For general questions about CPS, contact your supervisor.
 
 
CWA Local 2222
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