Covered Salary definition

Covered Salary means that portion of a Participant’s monthly Base Earnings which such Participant elects as a basis for Deferrals on such Participant’s Plan Agreement.

Covered Salary means the amount specified in Item 1 of the Plan Agreement that is used as a basis for computation of Participant's Death and Retirement Benefits pursuant to the terms and conditions of the Plan.

Covered Salary means a Participant's Base Annual Salary and bonuses which serves as a basis for computation of the Retirement, Survivor or Termination benefits pursuant to the terms and conditions of this Plan.

Examples of Covered Salary in a sentence

• In the event of default by a Participant on a deferral commitment during the Deferral Period, the Participant may not defer any portion of his Covered Salary for the balance of the Plan Year in which the default occurs or for the next following Plan Year.

• Premium WorksheetTo calculate your monthly premium, use your age and Monthly Covered Salary Rate as of January 1 of the current year or your date of hire or plan enrollment, whichever is most recent.

• Default occurs when the Participant does not defer the amount of Covered Salary previously committed to the Plan under that Participant's Plan Agreement.

• The Committee may specify the Plan Years, if any, in which each Participant may elect to defer an amount ("Special Deferral Amount") in addition to the amount or percentage of Covered Salary otherwise specified for deferral under the Plan Agreement.

• This is the average of your highest five years of Covered Salary during your years of Credited Service.

More Definitions of Covered Salary

Covered Salary means, effective July 1, 2003, the portion or all of an employee's salary that is covered by the System employees’ regular and federal salaries for the current fiscal year plus supplemental salary payments received for the previous fiscal year(s), plus adjustments agreed upon by both the employer and the Teacher Retirement System. For each member who first became a member before July 1, 1971, the covered salary for each year after June 30, 1969, is the first $7,800.00 of this the member’s total annual salary for all covered employment (Salary Option 2) unless he/she has elected to make contributions to the System on his full salary. For each member who first became a member after June 30, 1971, or who has elected to make contributions on full salary, the covered salary is his or her full salary for all covered employment (Salary Option 1). If, however, a member making contributions only on the first $7,800.00 of his total annual salary (Salary Option 2) receives a refund of his contributions and subsequently returns to covered service as a noncontributory member, he or she shall be considered on full salary for reporting purposes (Salary Option 1). Should the member wish to repay any refunds that include contributory service, he must pay the additional contributions due to change to full salary. Any former active member who returns to covered employment on or after July 1, 1995, and who elects to make contributions to the System shall contribute on his full salary.

Covered Salary means a Participant's Base Annual Salary and bonuses.

Covered Salary means that portion of a Participant's base annual salary excluding bonuses or other fringe benefits, if any, which the Participant chooses as a basis for computation of the Retirement or Death Benefit pursuant to the terms and conditions of this Plan.

Covered Salary means the Participant’s base annual salary excluding bonuses or other fringe benefits, if any, which the Participant chooses in the Participant’s Plan Agreement as a basis for computation of the Retirement or Death Benefit pursuant to the terms and conditions of this Plan.

Covered Salary means that portion of a Member's base monthly salary for the most recently completed calendar year, excluding bonuses or other special payments.

Covered Salary means annual base salary, excluding any bonus or other form of remuneration.

Covered Salary means a Participant’s base annual salary excluding bonuses or other fringe benefits, if any, which the Participant chooses in the Participant’s Plan Agreement (at a level of either fifty percent (50%) or one hundred percent (100%)) as the basis for computation of the Retirement or Death Benefit pursuant to the terms and conditions of this Plan.