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:
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.
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.
