Social Security Bridge Payments Sample Clauses

Social Security Bridge Payments. [a] Social security bridge payments are intended to partially offset the reduction in Social Security benefits due to early retirement. Xxxxxxxx retirees shall receive a contribution of sixteen percent (16%) of their earning from the last twelve (12) months of employment into a qualified 403(b) account or a District sponsored Health Reimbursement Account for three (3) years or until they become eligible to receive unreduced social security benefits, whichever occurs first. The first payment shall occur within 180 days of retirement from the District. The second payment shall occur in February of the first year following a complete calendar year without contributions to the Utah Retirement System for the original position from which the employee retired. The third payment shall occur the following February. [b] Employees who meet the criteria in 4.5.1 and who have at least twenty-five (25) but fewer than thirty (30) years of salary service credit, may voluntarily authorize the District to purchase additional salary service credit for them in the Utah State Retirement System by applying some or all of their eligible contributions on a one-time lump sum basis under the following conditions: (i) Employees eligible for three (3) years of contributions shall be credited with a one-time lump sum contribution of forty-six percent (46%) of their annual salary. The District shall apply this contribution toward the purchase of additional salary service credit for the employees in the Utah State Retirement System. (ii) Employees eligible for two (2) years of contributions shall be credited with a one-time lump sum contribution of thirty-one percent (31%) of their annual salary, to be (iii) Employees eligible for one (1) years of contributions shall be credited with a one-time lump sum contribution of sixteen percent (16%) of their annual salary, to be applied toward the District’s purchase of additional salary credit. (iv) The District shall not purchase additional salary service credit that, when combined with an employee’s current years of salary service credit, would exceed thirty (30) years of total salary service credit. (v) Eligible employees shall notify the Payroll Department in writing of their request to receive a one-time lump sum contribution no later than the early retirement notification deadlines stipulated in section 4.5.6.
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Social Security Bridge Payments. Beginning on the first day of the first month following Employee's Termination Date and the effective date of the Release attached hereto as Exhibit 1 (such effective date being no earlier than the Employee's Termination Date), and ending on the first day of the first month during which Employee attains age 62, the Company agrees to pay to Employee a monthly benefit equal to the monthly Social Security benefit the Employee would become entitled to receive beginning at age 65 based upon the Social Security law in effect for the year of his Termination Date and his Southern Company System (as defined in Paragraph 4) Social Security earnings through his Termination Date ("Social Security Bridge Benefit"). Upon the death of the Employee, no unpaid amounts set forth in this Paragraph 2(b) shall be payable to Employee's heirs or assigns unless Employee has designated a provisional payee or a provisional payee is designated for him by default under The Southern Company Pension Plan ("Pension Plan") and such provisional payee is then living. If the provisions in the foregoing sentence are met, then beginning on the first day of the first month after the date of the Employee's death, said provisional payee, if then living, shall be entitled to the Social Security Bridge Benefit until the first day of the first month during which the Employee would have attained age 62. Notwithstanding the foregoing, upon the death of such provisional payee, no unpaid amounts set forth above shall be payable to such provisional payee's heirs or assigns. Such provisional payee shall only be entitled to the benefit payments set forth in this Paragraph 2(b) that become due and payable between Employee's death and the death of the provisional payee.
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Social Security Bridge Payments. The Employee shall also receive a monthly Social Security bridge payment, payable from the Company's general assets, in the amount of One Thousand Three Hundred Dollars ($1,300.00), through and including the month in which the Employee attains age 62.
Sample 1

Related to Social Security Bridge Payments

  • Health insurance premiums If you are unemployed and have received unemployment compensation for 12 consecutive weeks under a federal or state program, you may take payments from your IRA to pay for health insurance premiums without incurring the 10 percent early distribution penalty tax.

  • Premium Payments If an employee with at least three years of service in the employ of the Shaker Heights Board of Education should exhaust his/her sick leave within the time specifications of this contract and is granted a leave of absence by the Board, the Board shall continue to pay his/her premiums in accordance with his/her work assignment for the following fringe benefits for a period not to exceed twelve (12) months. The payment of such premiums will cease on the effective date an employee retires, resigns, goes on disability retirement or his/her contract is terminated. 1. PPO medical coverage 2. Prescription drug coverage

  • Salary Payments Salaries shall be paid fortnightly by direct credit to the employee’s nominated bank account except that individual employees may on religious or ethical grounds apply in writing to the Secretary for Education to be paid by cheque.

  • ANNUITY PAYMENTS If the Proceeds are less than $2,000 on the Maturity Date as shown on the first page of this Contract, we will pay you or, subject to our consent in the event the payee is not a natural person, a payee designated by you, the Proceeds in one lump sum payment as directed by you and this Contract will have no further value. If the Proceeds are equal to or greater than $2,000 on the Maturity Date as shown on the first page of this Contract and an Annuitant is living on the Maturity Date, we will begin making Annuity Payments as described below. We will make Annuity Payments beginning on the Maturity Date, on a monthly basis unless you deliver Notice to Us directing us to pay at a different frequency. However, requests for periodic payments other than monthly, quarterly, semi-annually or annually require our consent. If the day an Annuity Payment is scheduled to be paid is not a Business Day, for instance, a weekend, or does not exist in any month in which an Annuity Payment is due, for instance, a month that does not contain twenty-nine, thirty, or thirty-one days, such Annuity Payment will be paid on the next Business Day. The amount applied to an Annuity Plan will be the Proceeds, less any applicable premium tax, which will determine the Annuity Payment under the Annuity Plan you have elected. Each Annuity Payment must equal at least $20. If Annuity Payments would be less than $20, we have the right to make such Annuity Payments less frequently as necessary to make the Annuity Payment equal to at least $20. We have the right to change the $2,000 and $20 minimums stated in this provision based upon increases reflected in the Consumer Price Index for All Urban Consumers (CPI-U) since January 1, 2005. You may elect any of the Annuity Plans described below. In addition, you may elect any other Annuity Plan we may be offering on the Maturity Date. You may change the Annuity Plan you have elected at any time before the Maturity Date upon thirty days prior Notice to Us. Upon request, we will send you the proper forms to elect or change an Annuity Plan. The elected Annuity Plan shall become effective when we receive satisfactorily completed forms indicating your election. If you do not elect an Annuity Plan by the Maturity Date, payments, calculated based on the oldest Annuitant's life, will be made to you or a payee designated by you automatically each month for a minimum of 120 months and as long thereafter as the oldest Annuitant lives unless otherwise limited by applicable law. IU-IA-3089 Your election of an Annuity Plan is subject to the following additional terms and conditions: (1) If you do not direct us otherwise, Annuity Payments will be paid to you.

  • Payment of Reinsurance Premiums For automatic and facultative reinsurance, following the close of each calendar month, the Ceding Company will send the Reinsurer a statement and a listing of new business, changes and terminations. If a net reinsurance premium balance is payable to the Reinsurer, the Ceding Company will forward this balance within (60) sixty days after the close of each month. If a net reinsurance premium balance is payable to the Ceding Company, the balance due will be subtracted from the reinsurance premium payable by Ceding Company for the current month. The Reinsurer shall pay any remaining balance due the Ceding Company sixty days after the Ceding Company submits the statement.

  • REINSURANCE PREMIUM The YRT Reinsurance Premium for each coverage shall equal (i) x (ii) x (iii) / 1,000, where:

  • Salary Payment In consideration of Executive’s timely execution and non-revocation of the Release by the Release Deadline Date, the Company shall pay Executive a severance payment equal to Executive’s Monthly Base Salary multiplied by the number of months in the Covered Termination Severance Period, less applicable withholdings. The severance payment shall be payable (except as set forth in Article 5) in a lump sum on the first regularly-scheduled payroll date occurring on or after the Release Deadline Date.

  • PREMIUM TAX The Reinsurer will not reimburse the Ceding Company for premium taxes.

  • Benefit Payments Benefit Payments, as referred to in this Agreement, means the sum of (i) Claims, as described in Xxxxxxxxx 0 xxxxx, (xx) Cash Surrender Values, as described in Paragraph 3 below, and (iii) Annuity Payments, as described in Paragraph 7 below.

  • Premium Payment The Bank shall pay any premiums due on the Policy.

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