Highest Average Earnings definition

Highest Average Earnings means the greater of (a) the Executive's "Highest Average Earnings" as defined in the Pension Plan (without regard to the limitation of Code paragraph 401(a)(17)) or (b) the Executive's Earnings for the 12 consecutive calendar months immediately preceding his termination of employment with Cinergy.

Highest Average Earnings shall have the meaning given to such term in the Cinergy Corp. Supplemental Executive Retirement Plan. For purposes of clarity, the parties hereto acknowledge and agree that the Executive’s Highest Average Earnings for any year shall not include any benefits received by the Executive pursuant to Section 5 of this Agreement, other than pursuant to Section 5a(i) of this Agreement.

Highest Average Earnings as defined in the Pension Plan (without regard to the limitation of Code paragraph 401(a)(17)) or (b) the Executive's Earnings for the 12 consecutive calendar months immediately preceding his termination of employment with Cinergy.

Examples of Highest Average Earnings in a sentence

• Highest Average Earnings is the average of the highest 36 consecutive months of base salary in the last 10 years and Average Maximum Pensionable Earnings is the three year average of the Year's Maximum Pensionable Earnings as determined in accordance with the Canada Pension Plan Act.

• If, however, the Executive's employment is terminated following a Change in Control, for any reason other than Cause, the Executive will be entitled to a supplemental retirement benefit equal to the difference between (1) his total benefit under all Executive Retirement Plans, and (2) 60% of the Executive's Highest Average Earnings.

• If the Executive retires after reaching age 50, the Executive will be entitled and fully vested in a supplemental retirement benefit equal to the difference between (1) his total benefit under all Executive Retirement Plans, and (2) 60% of the Executive's Highest Average Earnings times a fraction, the numerator of which is the Executive's Years of Participation and the denominator of which is 35.

• The annual pension benefit under the supplemental pension plan is equal to 1.75% multiplied by the employee’s Credited Service, multiplied by the amount by which such employee’s Highest Average Earnings exceed the ceiling imposed under the Income Tax Act (Canada) and is recognized under the defined benefit pension plan.Generally, neither the base pension plan nor the supplemental pension plan provide for the recognition of past service.

• If the Executive retires from Cinergy after reaching age 55, the Executive will be entitled and fully vested in a supplemental retirement benefit in an amount which, when expressed as an annual amount payable during the life of the Executive, shall equal the excess of (1) 60% of the Executive’s Highest Average Earnings over (2) his total aggregate annual benefit, payable in the form of a single life annuity to the Executive, under all Executive Retirement Plans.

More Definitions of Highest Average Earnings

Highest Average Earnings means the average of an employee’s best consecutive 36 months of Pensionable Earnings in the last 15 years before retirement. “Pensionable Earnings” means an employee’s base salary plus the annual cash bonus up to a pre-established maximum amount expressed as a percentage of base salary (100% for CEO, 80% for COO, and 60% for Executive Officers) as outlined in the plan text for the defined benefit pension plan. Pensionable Earnings do not include any other forms of compensation.

Highest Average Earnings. ’ means the average of an employee’s best consecutive 36 months of Pensionable Earnings in the last 15 years before retirement. ‘‘Pensionable Earnings’’ means an employee’s base salary plus actual Incentive Compensation paid up to a targeted percentage or for executive employees (as defined in the plan) a fixed percentage of their base salary, as provided in the plan. Pensionable Earnings do not include overtime, shift and premium differentials or any other forms of compensation.

Highest Average Earnings of a Member means the average of the Member's highest annual Earnings in any three (3) calendar years of Credited Service, including Compensation in any calendar years of Continuous Service under the Banff Lifts Plan, determined as at the date of termination of Continuous Service, death, retirement, Plan termination, whichever occurs first. For Members with less than three (3) calendar years of Credited Service, Highest Average Earnings means the aggregate of the Member's monthly Earnings received while an Employee divided by the number of months of his Credited Service.

Highest Average Earnings means the average of an employee's best consecutive 36 months of Pensionable Earnings in the last 15 years before retirement. "Pensionable Earnings" means an employee's base salary plus the annual cash bonus up to a pre-established maximum amount as outlined in the plan text for the defined benefit pension plan. Pensionable Earnings do not include any other forms of compensation.

Highest Average Earnings. (as such term is defined in Cinergy's Supplemental Executive Retirement Plan) or (ii) sixty percent (60%) of the Executive's "Earnings" (as such term is defined in the Supplemental Executive Retirement Plan) for the final twelve (12) calendar months immediately prior to the Executive's effective date of retirement. Thus, in addition to the Executive's retirement benefits under Cinergy's Pension Plan, its Supplemental Executive Retirement Plan, and its Excess Pension Plan, or any successors thereto, the Executive shall receive an annual amount known as the "Supplemental Executive Retirement Benefit" (a non-qualified benefit paid from the Company's general assets) that is equal to the difference between the greater of (i) sixty percent (60%) of the Executive's "Highest Average Earnings" (as such term is defined in Cinergy's Supplemental Executive Retirement Plan) or (ii) sixty percent (60%) of the Executive's "Earnings" (as such term is defined in Cinergy's Supplemental Executive Retirement Plan) for the final twelve (12) calendar months immediately prior to the Executive's effective date of retirement, and the sum of the amounts payable to the Executive under Cinergy's Pension Plan, its Supplemental Executive Retirement Plan, and its Excess Pension Plan, or any successors thereto. Upon his retirement on or after having attained age fifty (50), the Executive shall be eligible for comprehensive medical and dental insurance pursuant to the terms of Cinergy's Retirees' Medical Plan and its Retirees' Dental Plan, or any successors thereto. However, the Executive shall receive the full subsidy provided by the Company to retirees for purposes of determining the amount of monthly premiums due from the Executive. Notwithstanding anything in this Agreement to the contrary, in the event that the Executive's employment is terminated following a Change in Control, the Executive shall immediately be credited with and vested in thirty-five (35) full years of "Participation" (as that term is defined in Cinergy's Supplemental Executive Retirement Plan), and the word "fifty (50)" shall be substituted for the word "fifty-five (55)" in the first sentence of the third paragraph of this Section 3(b).

Highest Average Earnings. (as such term is defined in Cinergy's Supplemental Executive Retirement Plan) or (ii) sixty percent (60%) of the Executive's "Earnings" (as such term is defined in Cinergy's Supplemental Executive Retirement Plan) for the final twelve (12) calendar months immediately prior to the Executive's effective date of retirement, and the sum of the amounts payable to the Executive under Cinergy's Pension Plan, its Supplemental Executive Retirement Plan, and its Excess Pension Plan, or any successors thereto. Upon his retirement on or after having attained age fifty (50), the Executive shall be eligible for comprehensive medical and dental insurance pursuant to the terms of Cinergy's Retirees' Medical Plan and its Retirees' Dental Plan, or any successors thereto. However, the Executive shall receive the full subsidy provided by the Company to retirees for purposes of determining the amount of monthly premiums due from the Executive. Notwithstanding anything in this Agreement to the contrary, in the event that the Executive's employment is terminated following a Change in Control, the Executive shall immediately be credited with and vested in thirty-five (35) full years of "Participation" (as that term is defined in Cinergy's Supplemental Executive Retirement Plan), and the word "fifty (50)" shall be substituted for the word "fifty-five (55)" in the first sentence of the third paragraph of this Section 3(b).

Highest Average Earnings means a Participant's highest average annual Earnings for any three consecutive calendar years out of his last ten years of Participation. However, if the Participant completes fewer than three years of Participation, his Highest Average Earnings will mean his average annual Earnings for his total years of Participation. If a Participant is totally disabled and qualifies for benefits under Cinergy's Long-Term Disability Plan until his Normal Retirement Date, Early Retirement Date, or Actual Separation Date, whichever is applicable, his Severance from Service Date will be deemed for purposes of this section to be his Disability Date. For purposes of this Section, if a Participant's Severance from Service Date is other than December 31, the following periods will be treated as a period of three consecutive calendar years: