Common use of Social Security Bridge Payments Clause in Contracts

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.

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 4.6.1 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 bebe applied toward the District’s purchase of additional salary credit. (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 4.5.64.6.6.

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 bebe applied toward the District’s purchase of additional salary credit. (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.