Regular Employee Formula Sample Clauses

Regular Employee Formula. The monthly normal retirement benefit for Eligible Regular Employees shall be 1/12 of (check and complete one or more as applicable): (a) Flat Percentage Formula. 2.5% (insert percentage) of Final Average Earnings multiplied by years of Total Credited Service as an Eligible Regular Employee. This formula applies to: All Participants who are Regular Employees. Only the following Participants (must specify - specific positions are permissible; specific individuals may not be named): . (b) Alternative Flat Percentage Formula. % (insert percentage) of Final Average Earnings multiplied by years of Total Credited Service as an Eligible Regular Employee. This formula applies to the following Participants (must specify - specific positions are permissible; specific individuals may not be named): . (c) Split Final Average Earnings Formula. % (insert percentage) of Final Average Earnings up to the amount of Covered Compensation (see subsection (2) below for definition of Covered Compensation), plus % (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 who are Regular Employees. Only the following Participants (must specify - specific positions are permissible; specific individuals may not be named): . (d) Alternative Split Final Average Earnings Formula. % (insert percentage) of Final Average Earnings up to the amount of Covered Compensation (see subsection (2) below for definition of Covered Compensation), plus % (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): .