Common use of One-Year Final Compensation Clause in Contracts

One-Year Final Compensation. A represented employee’s retirement allowance is based on the twelve (12) highest paid consecutive months under the plan. (Government Code Section 20042.) This One Year Final Compensation optional benefit shall only apply to represented employees hired up to ninety (90) days after the adoption of this Memorandum of Understanding. Employees hired ninety (90) days after adoption of this Memorandum of Understanding shall be subject to final compensation in accordance with Government Code Section 20037 which means the highest average annual compensation earnable by a member during the three consecutive years of employment immediately preceding the effective date of his or her retirement.

One-Year Final Compensation. A represented employee’s retirement allowance is based on the twelve (12) highest paid consecutive months under the plan. (Government Code Section 20042.) This One Year Final Compensation optional benefit shall only apply to represented employees hired up subject to ninety (90) days after the adoption of this Memorandum of Understanding2.7% at 55. Employees hired ninety (90) days after adoption of this Memorandum of Understanding subject to 2.5% at 55 shall be subject to final compensation in accordance with Government Code Section 20037 which means the highest average annual compensation earnable by a member during the three consecutive years of employment immediately preceding the effective date of his or her retirement.