Average Annual Earnings definition

Average Annual Earnings means the average compensation used in benefit calculations, determined in accordance with the Schedule applicable to such Participant.

Average Annual Earnings means the sum of Executive's Five-Year Average Base Salary and his Five-Year Average Actual Bonus.

Average Annual Earnings means the annual average of a participant's earnings for the five-year period immediately preceding his retirement date, his date of termination or his date of death, whichever is earliest.

Examples of Average Annual Earnings in a sentence

• Unless otherwise specified in the adoption instrument, for purposes of computing the Service and Average Annual Earnings of an Employee who is in the employ of the Employer on the effective date of the adoption, employment with and compensation from the Employer before the effective date of the adoption shall be treated as employment with and Earnings from an Employer.

• In no event will a reduction in a Grandfathered Participant's Average Annual Earnings or an increase in his Social Security Benefit reduce the normal retirement benefit payable to him below the amount that would have been payable to him under the same form of payment had he retired prior to his Normal Retirement Date when eligible for an early retirement benefit.

• The Participant's final Average Annual Earnings will be his actual Average Annual Earnings regardless of which payroll he is paid under at the time of his retirement or termination.

• Such Grandfathered Participant's Average Annual Earnings shall be determined assuming Earnings continued while he is Disabled as provided in Section 1.1(h).

• In determining Average Annual Earnings (as defined in the Company Pension Plan), any calendar year in which the Participant has less than a full year of Credited Service (as defined in the Company Pension Plan) may be disregarded.

More Definitions of Average Annual Earnings

Average Annual Earnings means the average annual earnings while a member of the plan for the past three (3) consecutive calendar years which provide the highest average of the last 10 calendar years immediately preceding retirement date.

Average Annual Earnings means the amount calculated in accordance with Section 5(2), (3) and (5).

Average Annual Earnings means the average of a Participant’s Earnings for the five consecutive calendar years in which the Participant’s Earnings were the highest during the last fifteen calendar years prior to the Participant’s Retirement; and

Average Annual Earnings means the sum of Executive's Five-Year Average Base Salary and his Five-Year Average Actual Bonus. For purposes of this subsection, "Five-Year Average Base Salary" shall mean the average of Executive's per annum base salary payable for the five-year period ending on the last day of the Company's fiscal year immediately preceding the fiscal year of Executive's Termination; provided, however, if Executive had not been employed for the entire five-year period, "Five-Year Average Base Salary" shall mean the average of Executive's per annum base salary payable over his actual period of employment. For purposes of this subsection, "Five-Year Average Actual Bonus" shall mean the average of Executive's actual annual bonuses payable under the Company's Management Incentive Plan, or such equivalent successor plan as may be adopted by the Company, for the five-year period ending on the last day of the Company's fiscal year immediately preceding the fiscal year of Executive's Termination; provided, however, if Executive had not been employed for the entire five- year period, "Five-Year Average Actual Bonus" shall mean the average of Executive's actual annual bonuses payable over his actual period of employment.

Average Annual Earnings means the amount equal to the sum of the Participant's Earnings for the five consecutive calendar years during which Earnings were highest occurring within the Participant's last ten Years of Service, divided by five.

Average Annual Earnings. The highest annual average Earnings received during any five consecutive years during the last ten consecutive calendar years before termination of the Executive’s employment with Aristotle. However, calendar years in which the Executive commences or terminates employment and works fewer than 1,000 hours will be excluded from this average. Credited Service – Years of employment with Aristotle that are used in determining the Executive’s SERP Plan Benefit. The Executive will earn one year of Credited Service for each year the Executive works at least 1,000 hours. Minimum Net Worth – The stockholders’ equity of Aristotle (or its successor), as reported on the consolidated balance sheet of Aristotle (or its successor), prepared in conformity with U.S. generally accepted accounting principles, as of December 31 of any calendar year is at least $25,000,000. Early Commencement Factor – The factor by which the SERP Plan Benefit is reduced if the Executive retires or otherwise terminates employment before Normal Retirement Date and elects his SERP Plan Benefit early. 1

Average Annual Earnings means the mathematical average of Executive's Annual Earnings for the five (5) fiscal years preceding a Qualifying Termination.