Final Monthly Compensation definition

Final Monthly Compensation means the amount determined as follows: [the average of the annual base "Compensation" plus annual bonuses paid to the Executive during the five year period immediately preceding the date of Termination of Employment] divided by 12. For this purpose, the term "Compensation" shall exclude any amounts paid on or after Termination of Employment (e.g., severance pay, unused sick leave, unused vacation). Further, the term "Compensation" shall include salary reduction amounts contributed by the Company and not includible in the Executive's income pursuant to Code Sections 125 and 401(k). Unless otherwise provided herein, at any time prior to the Normal Retirement Date, the Executive's Final Monthly Compensation determined as of the Normal Retirement Date shall be projected based on a 4.5% annual salary increase adjustment.
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Final Monthly Compensation means the final monthly compensation of a Participant determined in the same manner as under the provisions of the Pension Plan without regard to whether the Participant is also a participant in the Pension Plan, except that (i) the limitation on compensation under Section 401(a)(17) of the Code will not be taken into account; and (ii) with respect to a Participant who participates in a Belo annual incentive compensation plan, compensation will include the amount of the Participant’s target incentive cash compensation under such annual incentive compensation plan rather than the amount of the actual incentive cash compensation payment.
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Final Monthly Compensation whenever used in this chapter shall mean the average monthly pay of the best 60 consecutive months of pay as an employee member from the City (and/or Village of Inkster for employee members with less than 60 months service with the City) during the member’s last 120 consecutive months of service with the City (and/or Village of Inkster for members with less than 120 months service with the City). In event an employee member has less than 60 months service with the City and/or Village of Inkster at his date of disability retirement or death, “Final Monthly Compensation” shall mean his average monthly pay during his entire period of continuous service;
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Examples of Final Monthly Compensation in a sentence

  • For example: Semi-monthly Salary No. of PayPeriods $2,611.00x18=$46,998.00$2,480.00x6= 14,880.00 Total Compensation61,878.00Divided by 12Average Final Monthly Compensation $ 5,156.50 Your final compensation is equal to the highest average compensation earnable during any consecutive three-year period (72 pay periods) for service earned in Tier V.

  • The definition of Final Monthly Compensation (FMC) is changed for future benefit accruals to the average of the final sixty (60) months of basic compensation but not less than current Final Monthly Compensation as of September 30, 2011.

  • Finally, the impacts will also be considered in terms of their status (positive or negative impact) and the confidence in the ascribed impact significance rating.

  • The section entitled “Payment of Your Benefits” (see page 6) explains the normal form of payment and optional ways you can choose to receive your monthly benefit payments.Early RetirementYour early retirement benefit is determined by applying the same formula as described on page 4 for normal retirement, based on your Final Monthly Compensation and years of Credited Service when you retire.

  • If it is determined that you have suffered a total and permanent disability, you will receive a benefit from the plan equal to 60% of Final Monthly Compensation at your date of termination as a result of disability.

  • His Final Monthly Compensation is $4,044, and his assumed Covered Compensation is $7,525.

  • Rijkswaterstaat, an object has unknown value in an EMAT tendering model.

  • His Final Monthly Compensation is $7,431, and his assumed Covered Compensation will be $8,697.

  • B • A11owa nee 1/70 of Final Monthly Compensation for each year of continuous service.

  • Jane’s Average Monthly Compensation is $7,700, her Covered Compensation is $6,927, and her Final Monthly Compensation is $6,416.


More Definitions of Final Monthly Compensation

Final Monthly Compensation means the average monthly Compensation received by a Member during any consecutive 48 month period elected by a Member at or before the time he or she files an application for retirement or, if he or she fails to elect, during the last 48 consecutive months immediately preceding his or her retirement. The computation for any absence shall be based on the Compensation of the position held by the Member at the beginning of the absence.
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Final Monthly Compensation means the Participant's Compensation during the final twelve (12) consecutive complete calendar months of employment with the Employer prior to the event that triggers distribution, divided by twelve (12), provided, however, that if Executive has received 2 or more bonuses in that 12 month period, only the higher bonus shall be taken into consideration.
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Final Monthly Compensation means 1/12th of the amount equal to the Participant's Final Three-Year Average Annual Compensation.
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Final Monthly Compensation means the amount determined under Section 1.22, subject to the following
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Final Monthly Compensation means the greater of the following:
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Related to Final Monthly Compensation

  • Average Monthly Compensation means the quotient determined by dividing the sum of the Employee’s then current Base Salary (as defined in Section 4.1 hereof) and the greater of the most recently paid Incentive Compensation (as defined in Section 4.2 hereof) or the average of Incentive Compensation paid over the three most recent years by twelve.

  • Determination Year means the Plan Year for which testing is being performed, and the “look-back year” means the immediately preceding twelve (12) month period.

  • Final compensation of a member means:

  • Average final compensation means the average annual creditable compensation of a member during

  • Final Average Compensation means the aggregate amount of a member's compensation earned within the averaging period in which the aggregate amount of compensation was highest divided by the member's number of years, including any fraction of a year, of credited service during the averaging period. The averaging period shall be 36 consecutive calendar months if the member contributes to the member investment plan except for a member who contributes to the member investment plan and first became a member on or after July 1, 2010; otherwise, the averaging period shall be 60 consecutive calendar months. A member who contributes to the member investment plan and first became a member on or after July 1, 2010 shall also have an averaging period of 60 consecutive calendar months. If the member has less than 1 year of credited service in the averaging period, the number of consecutive calendar months in the averaging period shall be increased to the lowest number of consecutive calendar months that contains 1 year of credited service.

  • Average Compensation means the average of your W-2 wages from the Company for the five (5) calendar years completed immediately prior to the calendar year in which the Change in Control is effected. Any W-2 wages for a partial year of employment will be annualized, in accordance with the frequency which such wages are paid during such partial year, before inclusion in Average Compensation.

  • Monthly Earnings means your gross monthly income from your Employer, not including shift differential, in effect just prior to your date of disability. It includes your total income before taxes. It is prior to any deductions made for pre-tax contributions to a qualified deferred compensation plan, Section 125 plan or flexible spending account. It does not include income received from commissions, bonuses, overtime pay or any other extra compensation or income received from sources other than your Employer.

  • Annual Compensation means an amount equal to the greater of:

  • Compensation Year means a period of 12 months expiring 31 March in any year;

  • Annual Earnings means your gross annual income from your Employer, not including shift differential, in effect just prior to the date of loss. It includes your total income before taxes. It is prior to any deductions made for pre-tax contributions to a qualified deferred compensation plan, Section 125 plan or flexible spending account. It does not include income received from commissions, bonuses, overtime pay or any other extra compensation or income received from sources other than your Employer.

  • Excess Compensation means Compensation in excess of the following Integration Level: (Choose (1) or (2))

  • 415 Compensation means:

  • Highest Average Compensation means the average Compensation for the three (3) consecutive years of Service with the Employer that produces the highest average. A Year of Service with the Employer is the twelve (12) consecutive month period identical to the Plan Year.

  • Monthly Salary Rate means the amount agreed to by the Owner that can be used on Applications for Payment throughout the Construction Phase to account for the services of Construction Manager’s salaried personnel assigned to the Project. A Monthly Salary Rate must be established for each salaried person and must be approved in writing by the Owner in advance of any Application for Payment for that person. The Monthly Salary Rate is for convenience only and any payments made for Construction Manager’s personnel are subject to audit to determine the actual cost of the wages and allowable employer contributions incurred by the Construction Manager for services performed for the Project.

  • Monthly Benefit means the monthly amount payable by Liberty to you if you are Disabled or Partially Disabled.

  • Total Compensation means the cash and noncash dollar value earned by the executive during the Subcontractor’s preceding fiscal year and includes the following (for more information see 17 CFR 229.402(c)(2)):

  • Annual Deferral Amount means that portion of a Participant's Base Annual Salary and Annual Bonus that a Participant elects to have, and is deferred, in accordance with Article 3, for any one Plan Year. In the event of a Participant's Retirement, Disability (if deferrals cease in accordance with Section 8.1), death or a Termination of Employment prior to the end of a Plan Year, such year's Annual Deferral Amount shall be the actual amount withheld prior to such event.

  • Termination Year means the calendar year in which the Employment Period is terminated.

  • Monthly salary means the portion of a member’s annual compensation which is paid to him or her per month.

  • Eligible Earnings means the Grantee's base salary (prior to any deferrals under a cash or deferred compensation plan sponsored by the Corporation or an Affiliate) paid during the Plan Year. From time to time the Plan Administrator may, in its sole discretion, establish rules for determining the amounts of Eligible Earnings for employees who become Grantees other than on the first day of a Plan Year as well as any reduction of Eligible Earnings as a result of paid leave of absences.

  • Election Year means a year in which ordinary elections for local governments are required to be held;

  • Basic Compensation means Salary and Benefits.

  • Excess Elective Deferrals means the amount of Elective Deferrals (as defined below) for a calendar year that the Participant designates to the Plan pursuant to the following procedure. The Participant’s designation: shall be submitted to the Administrator in writing no later than March 1; shall specify the Participant’s Excess Elective Deferrals for the preceding calendar year; and shall be accompanied by the Participant’s written statement that if the Excess Elective Deferrals is not distributed, it will, when added to amounts deferred under other plans or arrangements described in Section 401(k), 408(k) or 403(b) of the Code, exceed the limit imposed on the Participant by Section 402(g) of the Code for the year in which the deferral occurred. Excess Elective Deferrals shall mean those Elective Deferrals that are includible in a Participant's gross income under Section 402(g) of the Code to the extent such Participant's Elective Deferrals for a taxable year exceed the dollar limitation under such Code section.

  • Monthly Base Salary means 1/12th of the greater of (i) Executive’s annual base salary (excluding incentive pay, premium pay, commissions, overtime, bonuses and other forms of variable compensation) as in effect on the date of a Change in Control Termination or a Covered Termination, as applicable, or (ii) in the case of a Change in Control Termination, Executive’s annual base salary (excluding incentive pay, premium pay, commissions, overtime, bonuses and other forms of variable compensation) as in effect on the date of a Change in Control.

  • Actual Deferral Percentage means, for a specified group of Participants for a Plan Year, the average of the ratios (calculated separately for each Participant in the group) of (1) the amount of Employer contributions actually paid over to the Trust on behalf of the Participant for the Plan Year to (2) the Participant's Earnings for the Plan Year (or, provided that the Employer applies this method to all Employees for a Plan Year, the Participant's Earnings for that portion of the Plan Year during which he was eligible to participate in the Plan). Employer contributions on behalf of any Participant shall include: (i) his Elective Deferrals, including Excess Elective Deferrals of Highly Compensated Employees, but excluding (A) Excess Elective Deferrals of Non-Highly Compensated Employees that arise solely from Elective Deferrals made under the Plan or another plan maintained by an Affiliated Employer, and (B) Elective Deferrals that are taken into account in the Average Contribution Percentage test described in Section 5.10 (provided the ADP test is satisfied both with and without exclusion of these Elective Deferrals), and excluding Elective Deferrals returned to a Participant to reduce an Excess Amount as defined in Section 6.5(f); and (ii) if the Employer has elected to make Qualified Nonelective Contributions, such amount of Qualified Nonelective Contributions, if any, as shall be necessary to enable the Plan to satisfy the ADP test and not used to satisfy the ACP test; and (iii) if the Employer has elected to make Qualified Matching Contributions, such amount of Qualified Matching Contributions, if any, as shall be necessary to enable the Plan to satisfy the ADP test and not used to satisfy the ACP test. For purposes of computing Actual Deferral Percentages, an Employee who would be a Participant but for his failure to make Elective Deferrals shall be treated as a Participant on whose behalf no Elective Deferrals are made.

  • Eligible Compensation means, with respect to each Participant for each pay period, the full salary and wages paid to such Participant by the Company or a Participating Subsidiary, including commissions, bonuses (to the extent not excluded below), overtime pay and shift differentials. Except as otherwise determined by the Committee, “Eligible Compensation” does not include