Here are the details about your 2018 Success Sharing Plan (SSP) Award
As a bargained-for employee covered by a Success Sharing Plan (SSP), you may be eligible for the 2018 SSP award. This SSP award is tied to employees' efforts toward the company's success as reflected by the increase in stock price and by dividends declared. Specific details about your eligibility can be found in your contract.
The total value of the 2018 SSP award is $300 per eligible full-time employee. The 2018 SSP payment will be made on the Nov. 21, 2018 or Nov. 30, 2018 paycheck, depending on your payroll cycle.
Here's how to determine the amount of the SSP award. Each eligible employee receives an award of 150 Success Units that are multiplied by the increase in stock price during the award year, plus dividends declared during that same period.
Dividends were declared four times during the award year at a rate of $0.50 per share. The stock price declined from Oct. 2, 2017 to Sept. 28, 2018, resulting in no payout for the stock price component. Therefore, the calculation is 150 Success Units multiplied by the dividends declared ($0.50x4)- which equals $300.
If you have any questions, feel free to contact me.- Louise Gibson Secretary-Treasurer email@example.com 203 230-5703