The Association has made a one-time non - precedent setting agreement with the Company for the 2022 Profit Sharing provision. All TWU Local Presidents had discussion with the International and opportunity to ask questions prior to voting on this agreement. The vote yielded a yes to move forward with the agreement.
Profit Sharing is included in the JCBA, Article 5 for Fleet and Article 17 for M&R. The Contract provides that profit sharing will be paid by March 15, 2023 for the 2022 year look-back. The Association agreement extends that date out to June 30, 2023 for only this one-time. Moving forward for the 2023 year the Contract language will be followed.
Why ? The definition of profit-sharing year for 2022 has been modified due to the huge loss the Company had in the Q1 this year. The window will now be 2022 Q2, Q3, Q4 and 2023 Q1, thus the payment will be moved from March to June. 2023 year will again use Q1 and then Q2, Q3, and Q4.
This does delay any profit sharing coming to you by 3 months, however since Q1 shows a loss there may be a chance for more profit to share by not counting that quarter. The formula for degerming the amount of profit sharing is in our Contracts, Article 5 or Article 17 depending on work group.