FINAL AVERAGE definition

FINAL AVERAGE. COMPENSATION shall mean the average of the Compensation of the Executive for the three Calendar Years during his final ten Calendar Years of employment with the Bank during which his Compensation was the highest.

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FINAL AVERAGE. Earnings calculated prior to April 1, 2000 means the twelve times the highest average of the Member's earnings during any 60 consecutive months of service with the Company and/or an Affiliated Company within the 5 year period preceding the Member's retirement, death or termination of employment. If a Member has not completed 60 months of service, Final Average Earnings will be based on the average of the Member's Earnings during the Member's period of service.

FINAL AVERAGE. Earnings” 4

Examples of FINAL AVERAGE in a sentence

The Offset Percentage for any Participant shall not exceed one-half of the Gross Benefit Percentage, multiplied by a fraction (not to exceed one), the numerator of which is the Participant's Average Compensation, and the denominator of which is the Participant's Final Average Compensation up to the offset level.
When an employee’s Final Average Compensation is calculated, any retroactive wages provided shall be counted as if the retroactive wages were paid to the employee when the wages were earned, not when they were received by the employee.
Note: GMEBS has prescribed forms for calculation of Final Average Earnings that must be used for this purpose.
Notwithstanding the provisions of Section 2 (11) and 2 (12) of the Macomb County Employees’ Retirement System Ordinance, when an employee’s Final Average Compensation is calculated, any retroactive wages provided shall be counted as if the retroactive wages were paid to the employee when the wages were earned, not when they were received by the employee.
This definition of Final Average Earnings applies to: All Participants who are Regular Employees.
Stock options, restricted stock or other equity compensation grants, programs or plans shall not be included in the computation of Final Average Compensation.
Every employee shall join the Ontario Municipal Employees Retirement System Final Average Earnings Plan.
Unless otherwise specified in an Addendum to the Adoption Agreement, Final Average Earnings is defined as the monthly average of Earnings paid to a Participant by the Adopting Employer for the 60 (insert number not to exceed 60) consecutive months of Credited Service preceding the Participant's most recent Termination in which the Participant's Earnings were the highest, multiplied by 12.
Final Average Pay is defined as the averaged highest sixty (60) consecutive months of compensation earned over the last one hundred twenty months (120) of employment.
The pension formula shall be 1.45% of Final Average Pay multiplied by all years of Credited Service with no Social Security offset.

More Definitions of FINAL AVERAGE

FINAL AVERAGE. Earnings" at age 60 assumes your base salary increases 6% per year and you receive your maximum bonus opportunity each year; and o "Integration Level" at age 60 assumes the Social Security Wage Base increases 5% per year.

FINAL AVERAGE. Earnings is the highest annual average of earnings in any three (3) consecutive years prior to retirement. Final YMPE is the annual average of the Year’s Maximum Pensionable Earnings under the Canada Pension Plan in the same period used to deter- mine Final Average Earnings. Normal retirement age is sixty-five (65) years. Early retirement with Company consent is allowed after age fifty-five (55) with two (2) years of plan membership. An unreduced pension is payable from age sixty-two (62), or from age fifty-five (55) if age plus years of service equals eighty-five (85) years or more. Otherwise, a reduced pension is payable equal to the accrued pen- sion reduced by three percent (3%) per year retirement age is less than sixty-two (62). Normal form of pension for members with a spouse at retirement is a pension payable for the lifetime of the member, with sixty percent (60%) continuation to the surviving spouse after the member’s death. Normal form of pension for members without a spouse at retirement is a pension payable for life with a guar- ▇▇▇▇▇ of at least sixty (60) monthly payments. The Company shall provide the Union with copies of actuarial evaluations of the Company’s Retirement Plan as soon as is practical after such evaluations are com- pleted. The Company further agrees to meet with a Union representative at a convenient date within thirty