Final Average Earnings definition

Final Average Earnings means the earnings used to determine benefits under this Plan as further described in Article 7.

Final Average Earnings means the Officer’s average monthly Earnings for the three consecutive calendar years out of the Officer’s last ten calendar years of employment with the Company that yields the highest average.

Final Average Earnings means the annual average of the Member's Basic Salary in the 60 months of Service when such Basic Salary was highest during the 12 years prior to the date of death, retirement or termination of employment.

Examples of Final Average Earnings in a sentence

• Note: GMEBS has prescribed forms for calculation of Final Average Earnings that must be used for this purpose.

• This definition of Final Average Earnings applies to: All Participants who are Regular Employees.

• Every employee shall join the Ontario Municipal Employees Retirement System Final Average Earnings Plan.

• Notwithstanding the foregoing, if the Eligible Employee received salary for less than 15 days in a calendar month, the salary and overtime for that month shall not count and that month shall not count among the months to be averaged in determining Final Average Earnings.

• 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.

More Definitions of Final Average Earnings

Final Average Earnings means the greater of: (a) the arithmetic average of the Participant's aggregate Earnings during the thirty-six (36) calendar months of the last 120-consecutive calendar month period of Service immediately preceding the earlier of actual retirement, Termination Date or the Participant's 62nd birthday (or the actual number of such months if less than thirty-six (36)) which produces the highest average; or

Final Average Earnings means the sum of (i) the Participant's or Eligible Participant's highest base salary in effect during any calendar year preceding his termination of employment, including the year in which such termination occurs, and (ii) the Participant's or Eligible Participant's highest annual bonus payable with respect to any calendar year preceding his termination of employment, including the year in which such termination occurs.

Final Average Earnings. The current definition of the term "Final Average Earnings" in Section 1.12 of the SERP is hereby deleted in its entirety and the following is substituted in lieu thereof:

Final Average Earnings in Section 1.12 of the SERP is hereby deleted in its entirety and the following is substituted in lieu thereof:

Final Average Earnings means the average base salary plus bonus earned by the Participant or Eligible Participant during the three complete calendar years preceding termination of employment (for whatever reason).

Final Average Earnings means (a) divided by (b) as follows: (a) The sum of the member's "Monthly Earnings" rates in respect of the sixty (60) consecutive months (or such lesser period as may correspond to their entire period of continuous service) immediately prior to their retirement date. For a given month, "Monthly Earnings" will equal one- twelfth (1/12) of the member's annualized Earnings rate, as defined in Section 2307. divided by: (b) Five (5), or such lesser number of years and fractions thereof that correspond to their entire period of continuous service.

Final Average Earnings means the average of the highest annual Considered Compensation received by a Participant during the three calendar years out of the current and preceding five calendar years during which his considered Compensation was the highest. At any point in time, Final Average Earnings shall be computed to the date of determination by taking into account actual Considered Compensation during the current calendar year (without annualization) and the five preceding calendar years.