Final Salary definition

Final Salary means the average annual salary for service for which

Final Salary or “FS” means the annual review date salary applicable immediately prior to the occurrence of the relevant event unless the event occurs less than 1 year before the member’s 55th birthday in which case the final salary shall be taken to be FAS but limited to the period from the date the member attained age 54 (or later commencement of membership if applicable) to the occurrence of the relevant event.

Final Salary means the average annual salary or

Examples of Final Salary in a sentence

• A new Career Average Revalued Earnings (CARE) Scheme was introduced on the 1st April 2015, which was a change from the previous Final Salary Schemes.

• Almond Housing Association closed the Final Salary Scheme to future accrual from 30 September 2015 and now offers only a defined contribution pension scheme option.

• USS requires a contribution from the member (currently 6.5 per cent of salary for the Career Revalued Benefits section of the scheme and 7.5% for the Final Salary section of the scheme), to which a contribution of salary is added by the University as required by USS.

• If a new member of staff has previously been a member of USS and rejoins the scheme on or after 1 October 2011 they will be eligible to rejoin the Final Salary section of the scheme if they:• left before 1 October 2011 and have deferred benefits in USS and are rejoining before 1 April 2012; or• leave the Final Salary section after 30 September 2011 and rejoin the scheme within 30 months of leaving.

• Transferring a Final Salary scheme is much more complex than transferring or reviewing a Personal Pension Plan and as such involves more time to transact, so we charge more for Final Salary than we do Personal Pension.

More Definitions of Final Salary

Final Salary means the Executive’s annual base salary as in effect on the Date of Termination or, if higher, the Executive’s annual base salary in effect immediately prior to the reduction giving rise (pursuant to clause (iv) of the definition of Good Reason) to such termination. “Final Average Bonus” means the average of the three most recent annual bonuses paid to Executive prior to the Date of Termination, whether such annual bonuses are paid in the form of cash or in grants of restricted common stock of the Company under the USEC Inc. Annual Incentive Program (which, under the USEC Inc. Annual Incentive Program, generally vests one year after the date of grant); provided, however, that (A) any annual bonus paid to Executive that was pro-rated or otherwise adjusted because Executive was not employed by the Company during the entire period to which such bonus related shall be annualized for purposes of the calculation of the Executive’s Final Average Bonus; (B) if Executive has experienced a change in position that has affected Executive’s annual bonus opportunity (whether or not such change in position is accompanied by a change in title), any annual bonus paid to Executive with respect to a period prior to such change in position shall not be include in the calculation of the Executive’s Final Average Bonus; (C) if Executive shall not have been paid at least three annual bonuses prior to the Date of Termination that are includable in the calculation of Executive’s Final Average Bonus, then Executive’s Final Average Bonus shall be an amount equal to the average of such lesser number of annual bonuses (or, if just one annual bonus, an amount equal to such bonus); and (D) if Executive shall not have been paid at least one annual bonus prior to the Date of Termination that is includable in the calculation of Executive’s Final Average Bonus, Executive’s Final Average Bonus shall be an amount equal to Executive’s annual target bonus as in effect on the Date of Termination or, if higher, the Executive’s annual target bonus in effect immediately prior to the reduction giving rise (pursuant to clause (iv) of the definition of Good Reason) to such termination. Final Average Bonus shall not include any amount of cash or equity paid or granted as part of any long term incentive plan or program that the Company in its sole discretion may elect to maintain from time to time.”

Final Salary means the highest annual base salary rate paid by the Company and any Subsidiary to the Executive during the three (3) years ending on the date of Termination of Employment, or if earlier, the date the Executive attains Normal Retirement Age.

Final Salary means the Participant's Base Salary plus his or her Bonus Awards.

Final Salary means the average salary received by the member in the last 12 months of creditable service preceding his retirement or death. Such term shall not include the value of the member's maintenance allowance.

Final Salary means the amount of the annual salary or the aggregate amount of the annual salaries payable to a member on the date of his retirement or death in respect of his service on one or more statutory bodies and includes the total amount of any allowances regularly paid to him annually in respect of special services rendered by him to the statutory body or bodies concerned, but does not include any allowance paid to him in respect of subsistence and transport expenses or entertainment expenses;

Final Salary means the Executive’s annual base salary as in effect on the Date of Termination or, if higher, the Executive’s annual base salary in effect immediately prior to the reduction giving rise (pursuant to clause (iv) of the definition of Good Reason) to such termination. “Target Bonus” means 100% of the targeted cash bonus Executive would be entitled to receive if he (and, if applicable, the Company) were to achieve all of the enumerated performance targets established by the Company under the STIP for the Executive during the year in which the Date of Termination occurs; and

Final Salary means the Participant’s annual base salary as in effect on the date of termination.