Final Average Compensation. The Final Average Compensation (F.A.C.) for retirement calculations will be the average of the highest annual compensations during a period of the highest three (3) years of service contained within the last ten (10) years of service. Employees hired after July 1, 2011: The Final Average Compensation (F.A.C.) for retirement calculations will be the average of the highest consecutive sixty (60) months of service contained within the last ten (10) years of service. Leave time payouts at separation are not included in the F.A.C. calculation.
Appears in 3 contracts
Sources: Collective Bargaining Agreement, Collective Bargaining Agreement, Collective Bargaining Agreement
Final Average Compensation. The For employees hired prior to July 1, 2011, the Final Average Compensation (F.A.C.) for retirement calculations will be the average of the highest annual compensations during a period of the highest three (3) years of service contained within the last ten (10) years of service. Employees hired after July For purposes of FAC, one (1, 2011: The Final Average Compensation ) year equals one three hundred sixty five (F.A.C.365) for retirement calculations will be the average of the highest consecutive sixty (60) months of service contained within the last ten (10) years of serviceday period.
1. Leave time payouts at separation are not included in the F.A.C. calculation.Regular Salary or Wages
2. Overtime Pay 3. Longevity Pay 4. Holiday Pay 5. Vacation Pay 6. Pay while absent on sick leave
Appears in 2 contracts
Sources: Collective Bargaining Agreement, Collective Bargaining Agreement
Final Average Compensation. The For employees hired prior to July 1, 2011, the Final Average Compensation (F.A.C.) for retirement calculations will be the average of the highest annual compensations during a period of the highest three (3) years of service contained within the last ten (10) years of service. Employees hired after July For purposes of FAC, one (1, 2011: The Final Average Compensation ) year equals one three hundred sixty five (F.A.C.365) for retirement calculations will be the average of the highest consecutive sixty (60) months of service contained within the last ten (10) years of serviceday period.
1. Leave time payouts at separation are not included in the F.A.C. calculation.Regular Salary or Wages
2. Overtime Pay
3. Longevity Pay 4. Holiday Pay 5. Vacation Pay 6. Pay while absent on sick leave
Appears in 1 contract
Sources: Collective Bargaining Agreement