Frontiers Annual Funding Notice
Under federal law, the plan must report how well it is funded to participants. A funding level of 80% or higher allows the plan to pay full lump sums. Since the Frontier Pension Plan funding level for 2022 is reported at 94%, full lump sums can be paid in 2023.
Pension plan participants will start receiving this notice on April 26 via email from Milliman. Participants on leave will be mailed the Annual Funding Notice. You can contact Milliman to request an annual pension statement at 1-866-333-2074 option 1 or go to www.millimanbenefits.com
Frontier members: CT state tax issue
Last week some members received an email from Frontier payroll saying that they did not have a current CT State Tax form on file and that this could result in state income taxes to either be over-withheld or under-withheld. They requested a new CT W4 be filled out.
Here is the detail on why this email was sent.
Employees that received the email are exempt employees with the old marginal rate of 6.7% being withheld. The rate is 6.99% in CT. Most of these employees were transferred from AT&T and have not made a change to their record. There is no current State Tax form on file and with the new changes to the State Tax form they would need to refile their form to ensure their taxes are not under or over withheld.
Please be sure to complete a new CT W4 and if you have any questions on what elections you should make, consult your tax preparer for their advice on your individual situation.