DB Compensation definition

DB Compensation means, for each month, the highest basic pay and such other forms of remuneration actually received for the month as are considered to be earnings for pension purposes under the applicable rules of the Company or the relevant Participating Company, including annualized remuneration for periods not worked when Continuous Employment is maintained but excluding all payments related to overtime and any lump sum paid at termination of employment or retirement in lieu of vacation or other considerations; when a lump sum is paid as remuneration in respect of a period of more than one month, it is assumed that it is paid uniformly over such period. In addition, for part-time Employees, DB Compensation in a calendar month shall include annualized remuneration for the period not worked;
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Examples of DB Compensation in a sentence

  • The DB Compensation Event Notice will set forth, in such form and substance as is required to satisfy the Concessionaire’s obligations under the CA for such notice: (A) the Compensation Event and its date of occurrence in reasonable detail, (B) the amount by which the DB Contractor claims the Contract Sum should be adjusted as a result of the Compensation Event and (C) details of the calculation thereof.

  • Subject to Section 21.06, the Concessionaire shall submit a Compensation Event Notice under the CA based on the DB Compensation Event Notice submitted by the DB Contractor and thereafter assert its rights under the Comprehensive Agreement with respect to the Compensation Event claimed by the DB Contractor.

Related to DB Compensation

  • Basic Compensation means Salary and Benefits.

  • 415 Compensation means:

  • Cash Compensation means any discount, concession, fee, service fee, commission, sales charge, loan, override, or cash benefit received by a producer in connection with the recommendation or sale of an annuity from an insurer, intermediary, or directly from the consumer.

  • Annual Compensation means the wages paid to the member during covered employment within the meaning of Section 3401(a) of the Internal Revenue Code, but determined without regard to any rules that limit the remuneration included in wages based upon the nature or location of employment or services performed during the plan year plus amounts excluded under Section 414(h)(2) of the Internal Revenue Code and less reimbursements or other expense allowances, cash, or noncash fringe benefits or both, deferred compensation, and welfare benefits. Annual compensation for determining benefits during any determination period may not exceed the maximum compensation allowed as adjusted for cost of living in accordance with §5-10D-7 of this code and Section 401(a)(17) of the Internal Revenue Code.

  • Earned Compensation means any Annual Base Salary earned, but unpaid, for services rendered to the Company on or prior to the date on which the Employment Period ends pursuant to Section 3(a) (but excluding any salary and interest accrued thereon payment of which has been deferred).