Alternative Split Final Average Earnings Formula Sample Clauses

Alternative Split Final Average Earnings Formula. 1.0% (insert percentage) of Final Average Earnings up to the amount of Covered Compensation (see subsection (2) below for definition of Covered Compensation), plus 1.75% (insert percentage) of Final Average Earnings in excess of said Covered Compensation, multiplied by years of Total Credited Service as an Eligible Regular Employee. This formula applies to: All Participants. Only the following Participants (must specify - specific positions are permissible; specific individuals may not be named): Class 1 Participants who were employed by the City prior to August 1, 1980, and who, as of January 1, 1989, were participants in the superseded plan (prior contributory plan); provided, however, that the benefit formula under subsection (c) above shall apply if the benefit determined under that formula results in a higher benefit than the benefit determined under this subsection (d).