Average accrued benefit definition

Average accrued benefit means the average of the amounts representing the present value of the accrued benefit earned by the member determined by the former system and the present value of the accrued benefit earned by the member determined by the current system.
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Related to Average accrued benefit

  • Average final compensation means the average annual creditable compensation of a member during

  • Average Monthly Compensation means the quotient determined by dividing the sum of the Employee’s then current Base Salary (as defined in Section 4.1 hereof) and the greater of the most recently paid Incentive Compensation (as defined in Section 4.2 hereof) or the average of Incentive Compensation paid over the three most recent years by twelve.

  • Supplemental Retirement Benefit means the benefit determined under Article V of this Plan.

  • Normal Retirement Date means the later of the Normal Retirement Age or Termination of Employment.