Average Annual Pay definition
Average Annual Pay as used in computing survivorship benefits shall mean the average annual rate of pay received by the deceased member averaged over those five (5) years of service producing the highest average, or the duration of such service if less than five (5) years, subject to a maximum of sixteen thousand and eight hundred dollars ($16,800.00) for such average annual pay.
Average Annual Pay. ’, with respect to a judge, means the average annual pay received by the judge for judicial service (including periods in which the judge received retired pay under sec- tion 7296(d) of this title) or for any other prior allowable service during the period of three con- secutive years in which the judge received the largest such average annual pay.
Examples of Average Annual Pay in a sentence
Upon attainment of age 65, the Executive shall be entitled to annual Deferred Compensation as provided in paragraph 3(a)(i) for termination after age 62, commencing on the first day of the month following his 65th birthday, based on his Final Average Annual Pay at the time of this Termination of Employment by reason of Disability.