Average YMPE means the average of the YMPE in the five years immediately preceding the date a member ceases to be an employee.
Average YMPE means the average of the Y.M.P.E. in the calendar year of the Member's retirement, death or termination of employment and the immediately preceding two years.
Average YMPE means, for a given year, the arithmetic average of the YMPE for such year and for the four immediately preceding years.
Examples of Average YMPE in a sentence
Under this arrangement the pension accrual is equal to 1.25% of the Executive’s Final Average Earnings up to the Final Average YMPE plus 1.75% of the Executive’s Final Average Earnings in excess of the Final Average YMPE multiplied by the Executive’s Credited Service.
More Definitions of Average YMPE
Average YMPE means, in respect of a year, the arithmetical average of the YMPE for the year and for the two immediately preceding years.
Average YMPE means the average of the Year’s Maximum Pensionable Earnings under the Canada/Quebec Pension Plan for the same years used to calculate your Final Average Salary. “Final Average Salary” means the average of your earnings in the five consecutive calendar years of highest during the 10 calendar years immediately preceding your retirement. For purposes of the pension plan, earnings means, the basic annual rate of pay, i.e. excluding overtime and other additional amounts. The earnings and service figures are modified for non-full-time employees to ensure consistent treatment between part-time and full-time service in calculating benefit amounts. The following example shows how the normal retirement benefit would be calculated for a hypothetical employee earning $36,000.00 in 1991 (when the YMPE is $30,500), assuming that these figures do not change until his retirement. Hire Date January 1, 1980 Birth Date January 1, 1940 Normal Retirement Date January 1, 2005 Credited Service 10 years to 12.31.89 15 years after 1.1.90 25 years in total Final Average Salary (FAS) $36,000 Average YMPE $30,500 1% of FAS below YMPE 1% of $30,500 = $305.00 1¼ % of FAS below YMPE 1¼% of $30,500 = $381.25 1½ % of FAS in excess of YMPE 1½% of $5,500 = $ 82.50 Benefit Calculations = $305.00 x 10 years + $381.25 x 15 years + $ 82.50 x 25 years = $10,831.25 per year = $ 902.60 per month Therefore, the pension at normal retirement for this employee would be $902.60 per month. At age 65, you will also receive benefits from the government sponsored retirement plans. The Canada/Quebec Pension Plan currently pay a maximum month pension of $604.86 and Old Age Security currently pay a maximum of $354.92 per month (January, 1991 benefit amounts). Please note that certain minimum benefit may be payable from the Company plan if you participated in the former plan(s) prior to January, 1984.
Average YMPE in respect of a Member means the average of the YMPE during the 36 months of that Member’s participation in the Plan that are used to determine the Member’s Highest Average Earnings.
Average YMPE means the average of the Year's Maximum Pensionable Earnings for the calendar year in which a member ceases to be an active member and for each of the four preceding calendar years;
Average YMPE means the average of the Year's Maximum Pensionable Earnings for the designated transfer year and each of the four preceding calendar years. Such average YMPE shall be increased by the same increase factor as determined in the proviso in the definition of average salary.
Average YMPE means the average of the Year's Maximum Pensionable Earnings as defined under the Canada Pension Plan taken over the same period as is used in the computation of Best Average Earnings.
Average YMPE means the average of the YMPE over the three year period immediately preceding a Teacher’s date of retirement, termination, Disability, or death.