Final Earnings means, for a Participant, the average of his Base Salary plus annual incentive payments under the Management Incentive Plan for such calendar year actually received for the three most recent, full calendar years ending on or immediately before the date of the Participant’s Separation from Service with the Company and all Affiliates, or on or before the date of Participant’s death while employed with the Company or an Affiliate or on or before the date he is removed from active participation in the Plan pursuant to Section 2.2 hereof, as applicable.
Final Earnings means, unless otherwise specified in an appendix the average annual Earnings of the Participant during the three consecutive calendar years of his Continuous Service in which his Earnings were highest, and shall mean the average annual Earnings during his actual period of Continuous Service if such service is less than three calendar years.
Final Earnings means the average Rate of Earnings during the three (3) years of the Participant's employment with the Employer for which the Participant's earnings exclusive of any severance pay or pay for accrued leave or supplemental rate of earnings, if applicable, per Section 25.17(B), were at their highest level.
Examples of Final Earnings in a sentence
Press Release, U.S. Dep’t of the Treas., Fact Sheet: Treasury Issues Final Earnings Stripping Regulations (Oct.
Under Option II, a Participant will receive a level percentage (found in Table 3) of Average Final Earnings for life.
Benefit Amount • ATU: Effective January 1, 1998, the retirement benefit for ATU members is 2% times years of service times the Participant's Average Final Earnings for retirement before age 65, and 2.5% times years of service multiplied by the Participant’s Average Final Earnings for retirement after age 65.
Effective June 30, 2008, Average Final Earnings for ATU members who retire after reaching age 55 and earning eight years of service is the greater of the following: • The monthly average of a Participant’s Compensation during the last 36 months of employment.
Prior to the above effective dates, the service retirement benefit for members with less than 20 years of service is a percentage of the Participant's Average Final Earnings determined by age and service at retirement.
More Definitions of Final Earnings
Final Earnings means the Participant's Earnings for the year ending on the date a Change in Control under Section 2.7 occurs.
Final Earnings means the Participant's Earnings in effect on the date of his termination of employment, except in the case of Disability, where the Final Earnings are the Earnings in effect on the last day preceding the Disability.
Final Earnings means the average annual Earnings of the Participant during the five consecutive calendar years of his Continuous Service in which his Earnings were highest, and shall mean the average annual Earnings during his actual period of Continuous Service if such service is less than five calendar years. For Senior Executives, “five” in the foregoing definition shall be read as “three”.
Final Earnings will be calculated as the sum of:
a) the 60 consecutive months of employment with the City during which the Member’s Earnings (excluding overtime earnings) were the highest (i.e. best average 5 years of Earnings); and
b) the 84 consecutive months of employment with the City on or after January 1, 2015 during which the Member’s overtime earnings were the highest (i.e. best average 7 years of overtime earnings commencing January 1, 2015. For greater clarity, Final Earnings for service on or after January 1, 2015 can be no greater than Final Earnings for service prior to January 1, 2015.
Final Earnings means the Employee’s highest average Earnings for any five (5) consecutive calendar years during the twenty (20) calendar years immediately preceding the earlier of his Normal Retirement Date, his Early Retirement Date, his Disability and Normal Retirement Date or his Deferred Vested Retirement Date.”
Final Earnings for employees hired after April 15, 2014 shall be defined as "the highest average earnings received in any three full years of service before the Participant's retirement date." A year of service is defined as a year commencing 365 days prior to date of retirement, and ending on date of retirement. All other years of service shall be calculated back from date of retirement. Final Earnings shall include base pay only.
Final Earnings means, in respect of Members who cease to be Employees, prior to January 1, 2001, the monthly average of the Earnings received by the Member during the sixty (60) consecutive months in which the Member’s Earnings were the highest. If the Member has less than sixty (60) months of Contributory Service, Final Earnings means the average monthly Earnings credited to the Member during the actual months of Contributory Service. Effective January 1, 2001, Final Earnings means, in respect of Members who are Employees after December 31, 2000, the monthly average of the Earnings received by the Member during the thirty-six (36) consecutive months in which the Member’s Earnings were the highest.