Best Average Earnings definition

Best Average Earnings means the annual average of a Member’s highest thirty-six (36) consecutive months of Earnings or, where the Member’s Continuous Service is less than thirty-six (36) months, the annual average of the Member’s Earnings during the Member’s Continuous Service.

Best Average Earnings means the highest annualized average Earnings of the Member during any 60 consecutive months of membership in the Base Plans during the 120 months of membership in the Base Plans prior to the date of Separation from Service. In the event that there are less than 60 consecutive months, Best Average Earnings shall be calculated by dividing the total Earnings of the Member during the period of membership in the Base Plans by the number of months during such period in respect of any part of which he shall have had Earnings and multiplying the result by 12. For the purpose of this Section 2.7, for a Member employed both in Canada and in the United States, consecutive periods of membership under the Base Canadian Pension Plan, the Base U.S. Pension Plan and the Base U.S. Savings Plan, and any periods in which a Member is deemed to have Credited Service under Section 2.11, shall be deemed consecutive membership in the Base Plans. To the extent necessary, earnings shall be converted to the currency to be used for payment pursuant to Section 18.1 based on the average exchange rate for the year or shorter period earned. For the purpose of this Section 2.7, bonuses are attributed to the month during which they are actually paid. Notwithstanding, should the timing of bonus payments differ from year to year, the number of bonus payments recognized shall not exceed the number of years included in the averaging period, as determined by the HR Committee. In addition, Earnings for a given month (other than bonuses) are deemed to be equal to the Earnings for the corresponding calendar year (other than bonuses) divided by the number of months of membership in the Base Plans during the said calendar year.

Best Average Earnings means the average annual Earnings of the Member over the 60 consecutive months of Credited Service in which his Earnings were highest. If the Member has completed less than 60 consecutive months of Credited Service, the average shall be taken over the actual number of consecutive months of Credited Service.

Examples of Best Average Earnings in a sentence

• The rate of Earnings upon which the Member’s contributions are based shall be used in the determination of the Member’s Best Average Earnings.

• In this case, the Member’s Continuous Service and Credited Service shall accrue in full during such leave of absence and the rate of Earnings upon which the Member’s contributions are based shall be used in the determination of the Member’s Best Average Earnings.

• The pension benefits payable pursuant to this Section 13.04 shall be based on the applicable Best Average Earnings and Credited Service of the Member up to his or her date of termination of employment.

• The objective of the Plan is to provide participants with defined pension benefits based on a Best Average Earnings and with potential indexation of retirement benefits, as defined in the Plan Text.

• Annual lifetime benefit payable at age 60 based on years of credited service and actual Best Average Earnings and Final Average Award at end of year, assuming approval by the Board of Directors of the additional annual accrual of 1% for members of the 2007 Supplementary Pension Plan.

More Definitions of Best Average Earnings

Best Average Earnings means the annualized average of a Member's highest sixty

Best Average Earnings means the highest average compensation, including all forms of cash remuneration, received from the Company, indexed to the year of benefit commencement, as defined under Revenue Rules.

Best Average Earnings means the average of a Member’s annualized Earnings during the 36 consecutive months of Continuous Service prior to the Date of Determination which produce the highest average or, where the Member’s Continuous Service is less than 36 months, the average of the Member’s annualized Earnings during his Continuous Service prior to the Date of Determination.

Best Average Earnings means the average annual Earnings of a Member during the 72 consecutive months of Credited Service preceding the Member's retirement, death or termination of employment in which the highest average is attained. If a Member has not completed 72 months of Credited Service, his Best Average Earnings shall be based on his average annual Earnings during his period of Credited Service.

Best Average Earnings on any Date of Determination means:

Best Average Earnings means the average of the Earnings during the full five calendar years of Plan membership during which Earnings are the highest.

Best Average Earnings means the average of a Member's annual Earnings, as determined by the Company,