Bridge Benefit definition
Examples of Bridge Benefit in a sentence
The amount of the buy-out contribution was actuarially determined and the amount of the buy-out contribution is set forth in a “Retirement Restructuring Buyout of Medicare Bridge Benefit Program Memorandum of Agreement” by and between the School District and the Association.
For those eligible teachers retiring at the end of the 2010-2011 school year who complied with all of the qualifying retirements will receive the Bridge Benefits as provided in Part 1 with the exception that the annual Bridge Benefit will be limited to a maximum of Ten Thousand Dollars ($10,000.00) per year.
This Medicare Bridge Benefit will be payable on premium years which are from October 1 through September 31.
Employees having less than 15 years of teaching experience as of July 1, 1998 and hired before the 1999-2000 school year shall be entitled to the Matching Annuity Program set forth in Appendix A and entitled to one-fourth of the annual Social Security Medicare Bridge Benefit of this section which was in effect during the 1997-98 school year.
Teachers hired in the ▇▇▇▇▇▇-▇▇▇▇▇ School District before August 1, 1999, shall receive Social Security Bridge Benefit amounts as outlined in Article VI Section C (1) and C (2) of the prior agreement.