Q: Hi Jose,
Thanks for your latest email, informative as always. It has caused me to ask you a quick question, and I'm sorry to have to ask:
What $8000? I see here on my W-2 that there was $9335.52 included with my SS wages and an "X" marked in a box marked "Ret Plan", but I have no recollection of getting that kind of money last year. Did it come in a separate check and during what month?
Any assistance would be MUCH appreciated. Thanks
A: The company made a special payment on July 2, 2007 which included the Emergence Payment (the Surplus Severance Payment that remained when the early outs were reduced from 1,200 to 600) and Claim Payment (40% of the Equity Claim - the other 60% was put directly into our 401(k) accounts), for a total of $7,976.96. You can view the July paycheck on RADAR > Pay and Benefits > Paychecks. Depending on whether you directed money from that check into your 401(k), you may not have seen a large check, but that would explain most of the $9,335.52 of SS wages. The X in the Ret Plan just means that you are part of a company sponsored retirement plan. When NWA contributed to our pension plan, that was an example of such a plan, as is our current one where the company puts a percentage of our wages into a 401(k).