Common use of Final Average Compensation Formula Clause in Contracts

Final Average Compensation Formula. For any employee hired on or before December 31, 2001 or who is vested as of February 27, 2009, the formula for computing final average compensation, used for calculating pension benefits for eligible bargaining unit members, shall be based on the average of an employee’s four (4) highest consecutive years of compensation out of the last ten (10) years of service. For employees hired on or after January 1, 2002, the formula for computing final average compensation, used for calculating pension benefits for eligible bargaining unit members, shall be based on the average of an employee’s five (5) highest consecutive years of compensation out of the last ten (10) years of service.

Final Average Compensation Formula. For any employee hired on or before December 31, 2001 or who is vested as of February 27June 19, 2009, the formula for computing final average compensation, used for calculating pension benefits for eligible bargaining unit members, shall be based on the average of an employee’s four (4) highest consecutive years of compensation out of the last ten (10) years of service. For employees hired on or after January 1, 2002, the formula for computing final average compensation, used for calculating pension benefits for eligible bargaining unit members, shall be based on the average of an employee’s five (5) highest consecutive years of compensation out of the last ten (10) years of service.

Final Average Compensation Formula. For any employee hired on or before December 31, 2001 or who is vested as of February 27September 14, 2009, the formula for computing final average compensation, used for calculating pension benefits for eligible bargaining unit members, shall be based on the average of an employee’s four (4) highest consecutive years of compensation out of the last ten (10) years of service. For employees hired on or after January 1, 2002, the formula for computing final average compensation, used for calculating pension benefits for eligible bargaining unit members, shall be based on the average of an employee’s five (5) highest consecutive years of compensation out of the last ten (10) years of service.

Final Average Compensation Formula. For any employee hired on or before December 31, 2001 or who is vested as of February 27May 1, 2009, the formula for computing final average compensation, used for calculating pension benefits for eligible bargaining unit members, shall be based on the average of an employee’s four (4) highest consecutive years of compensation out of the last ten (10) years of service. For employees hired on or after January 1, 2002, the formula for computing final average compensation, used for calculating pension benefits for eligible bargaining unit members, shall be based on the average of an employee’s five (5) highest consecutive years of compensation out of the last ten (10) years of service.

Final Average Compensation Formula. For any employee hired on or before December 31, 2001 or who is vested as of February 27July 24, 2009, the formula for computing final average compensation, used for calculating pension benefits for eligible bargaining unit members, shall be based on the average of an employee’s four (4) highest consecutive years of compensation out of the last ten (10) years of service. For employees hired on or after January 1, 2002, the formula for computing final average compensation, used for calculating pension benefits for eligible bargaining unit members, shall be based on the average of an employee’s five (5) highest consecutive years of compensation out of the last ten (10) years of service.

Final Average Compensation Formula. For any employee hired on or before December 31, 2001 or who is vested as of February 27, May 1 2009, the formula for computing final average compensation, used for calculating pension benefits for eligible bargaining unit members, shall be based on the average of an employee’s four (4) highest consecutive years of compensation out of the last ten (10) years of service. For employees hired on or after January 1, 2002, the formula for computing final average compensation, used for calculating pension benefits for eligible bargaining unit members, shall be based on the average of an employee’s five (5) highest consecutive years of compensation out of the last ten (10) years of service.