Average Highest Compensation definition

Average Highest Compensation means a Participant's average annual Compensation during the final 36 months of his employment with the Company or an Affiliate immediately preceding the earlier of his Separation from Service, Death or Disability or, if higher, the three consecutive calendar years in which his average Compensation was highest (or if he is employed for less than 36 months, the average annual Compensation during the period of his employment immediately preceding the earlier of his Separation from Service, Death or Disability). For purposes of this definition the term “Compensation” means “Compensation” as defined in the Wiley Basic Plan, except that 100% instead of 50% of any bonuses, incentive pay and overtime pay shall be included and “Compensation” shall not be limited by the provisions of Section 401(a)(17) of the Internal Revenue Code. Notwithstanding the foregoing provisions of this Section 1.6, Compensation for purposes of the 1989 SERP shall not include any amounts paid pursuant to an incentive plan which relates to a period of more than 12 months or any amounts paid pursuant to any plan, arrangement or agreement which expressly excludes such amounts for purposes of the 1989 SERP.
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Examples of Average Highest Compensation in a sentence

  • Average Highest Compensation Average of the highest three consecutive years ofcompensation.

  • Part C Benefit: 2.20% multiplier Average Highest Compensation Part A Benefit: Average of the highest threeconsecutive years of compensation Part B Benefit: Average of the highest five consecutive years of compensation Part C Benefit: Average of the highest five consecutive years of compensation Years of Service Years or fractional years of full-time service rendered tothe plan sponsor.

  • In computing the "Average Highest Compensation" any lump sum payments made to or on behalf of a Member for court ordered vacation accumulation settlement compensation arising out of O.R.C. Section 9.44 vacation rate accrual shall not be included beyond the maximum vacation accumulation authorized by personnel policy or union contract.

  • Severance payments shall not be included in the calculation of a Member's Average Highest Compensation.

  • Income tax expense is recognised in profit or loss except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity or in comprehensive income.

  • For each year of a Member's State Retirement System Service Credit, the lesser of 2.22 percent or Member's State Retirement System Benefit Percentage for that year (as defined in paragraph (n) below), multiplied by his or her Average Highest Compensation.

  • For Members who retired prior to January 1, 1976, "Average Highest Compensation" shall mean the amount determined in accordance with the definition of "Average Highest Compensation," which was in effect and applicable to the Member on the date of the Member's retirement.

  • For each year of a Member's State Retirement System Service Credit, the lesser of the applicable percentage under subsection (A) or Member's State Retirement System Benefit Percentage for that year (as defined in paragraph (n) below), multiplied by his or her Average Highest Compensation.

  • In such cases, the Average Highest Compensation shall be figured as though the Employee had continued at the former rate of pay.

  • Provided, however, that if by reason of amendment of the compensation schedules, the annual compensation earnable by the Employee in the former position would have been reduced, the Average Highest Compensation shall be figured on the basis of such reduced compensation and the contributions reduced accordingly.

Related to Average Highest Compensation

  • Average Compensation means the average of your W-2 wages from the Company for the five (5) calendar years completed immediately prior to the calendar year in which the Change in Control is effected. Any W-2 wages for a partial year of employment will be annualized, in accordance with the frequency which such wages are paid during such partial year, before inclusion in Average Compensation.

  • Highest Average Compensation means the average compensation for the three consecutive years of service with the employer that produces the highest average.

  • Average final compensation means the average annual creditable compensation of a member during

  • Final Average Compensation means the average annual

  • Average Monthly Compensation means the quotient determined by dividing the sum of the Employee’s then current Base Salary (as defined in Section 4.1 hereof) and the greater of the most recently paid Incentive Compensation (as defined in Section 4.2 hereof) or the average of Incentive Compensation paid over the three most recent years by twelve.

  • Annual Compensation means an amount equal to the greater of:

  • Final compensation of a member means:

  • Average Incentive Compensation means the average of the annual incentive compensation under Subparagraph 3(a) received by Executive for the three (3) immediately preceding fiscal years or such fewer number of complete fiscal years as Executive may have been employed by the Company. In no event shall “Average Incentive Compensation” include any sign-on bonus, retention bonus or any other special bonus. Notwithstanding the foregoing, if the Executive breaches any of the provisions contained in Paragraphs 4 and 5 of this Agreement, all payments of the Severance Amount shall immediately cease. Notwithstanding the foregoing, in the event Executive terminates his employment for Good Reason as provided in Subparagraph 6(e), he shall be entitled to the Severance Amount only if he provides the Notice of Termination provided for in Subparagraph 6(f) within thirty (30) days after the occurrence of the event or events which constitute such Good Reason as specified in clauses (A), (B), (C), (D), (E) and (F) of Subparagraph 6(e);

  • Excess Compensation means Compensation in excess of the following Integration Level: (Choose (1) or (2))

  • Total Compensation means the cash and noncash dollar value earned by the executive during the Subcontractor’s preceding fiscal year and includes the following (for more information see 17 CFR 229.402(c)(2)):

  • Average Annual Compensation For the purposes of this Agreement, “Average Annual Compensation” shall be an amount equal to the annual average of the sums of (x) the Executive’s annual Base Salary from the Company plus (y) the amount of Incentive Awards accrued by TNS for the Executive, in each case for the three calendar years that ended immediately before (or, if applicable, coincident with) the Change in Control Date;

  • Eligible Compensation means, with respect to each Participant for each pay period, the full salary and wages paid to such Participant by the Company or a Participating Subsidiary, including commissions, bonuses (to the extent not excluded below), overtime pay and shift differentials. Except as otherwise determined by the Committee, “Eligible Compensation” does not include

  • Compensation Period has the meaning specified in Section 2.12(c)(ii).

  • 414(s) Compensation means any definition of compensation that satisfies the nondiscrimination requirements of Code Section 414(s) and the Regulations thereunder. The period for determining 414(s) Compensation must be either the Plan Year or the calendar year ending with or within the Plan Year. An Employer may further limit the period taken into account to that part of the Plan Year or calendar year in which an Employee was a Participant in the component of the Plan being tested. The period used to determine 414(s) Compensation must be applied uniformly to all Participants for the Plan Year.

  • Current Annual Compensation means the greater of:

  • 415 Compensation means:

  • Compensation Limit means the compensation limit of Section 401(a)(17) of the Code, as adjusted under Section 401(a)(17)(B) of the Code for increases in the cost of living.

  • Final average salary means whichever of the following is greater:

  • Annual Earnings means your gross annual income from your Employer, not including shift differential, in effect just prior to the date of loss. It includes your total income before taxes. It is prior to any deductions made for pre-tax contributions to a qualified deferred compensation plan, Section 125 plan or flexible spending account. It does not include income received from commissions, bonuses, overtime pay or any other extra compensation or income received from sources other than your Employer.

  • Gross compensation means every form of remuneration payable for a given period to an individual for services provided including salaries, commissions, vacation pay, severance pay, bonuses, and any board, rent, housing, lodging, payments in kind, and any similar benefit received from the individual's employer.

  • Bonus Compensation shall have the meaning set forth in Section 3(b).

  • Current Compensation means all regular wage, salary and commission payments paid by the Company to a Participant in accordance with the terms of his or her employment, but excluding annual bonus payments and all other forms of special compensation.

  • Incentive Pay means an annual amount equal to the aggregate annual bonus, in addition to Base Pay, made or to be made in regard to services rendered in any calendar year or performance period pursuant to any bonus plan of the Company.

  • Compensation Year means a period of 12 months expiring 31 March in any year;

  • Includible Compensation means an Employee’s actual wages in box 1 of Form W-2 for a year for services to the Employer, but subject to a maximum of $245,000 (or such higher maximum as may apply under section 401(a)(17) of the Code) and increased (up to the dollar maximum) by any compensation reduction election under section 125, 132(f), 401(k), 403(b), or 457(b) of the Code (including any Elective Deferral under the Plan). Beginning in 2009 and thereafter, such term also includes any “differential pay” that may be received from the Employer while performing qualified military service under section 414(u) of the Code. The amount of Includible Compensation is determined without regard to any community property laws.

  • Termination Compensation means a monthly cash amount equal to one-twelfth ( 1/12th) of the highest amount of the annual cash compensation (including cash bonuses and other cash-based compensation, including for these purposes amounts earned or payable whether or not deferred) received by Executive during any one of the three (3) calendar years immediately preceding the calendar year in which Executive’s Termination Date occurs; provided, that if the cash compensation received by Executive during the Termination Year exceeds the highest amount of the annual cash compensation received by Executive during any one of the immediately preceding three (3) consecutive calendar years, the cash compensation received by Executive during the Termination Year shall be deemed to be Executive’s highest amount of annual cash compensation. In no event shall Executive’s Termination Compensation include equity-based compensation (e.g., income realized as a result of Executive’s exercise of non-qualified stock options or other stock based benefits).