Final Annual Salary definition

Final Annual Salary means, as of a Determination Date, the sum of (1) the Executive’s Average Monthly Salary times 12 and (2) the Executive’s Target Bonus Percentage for the year in which the Determination Date occurs multiplied by the amount in (1) above.
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Final Annual Salary means the Participant’s base annual salary and target award under the Company’s annual bonus plan as in effect on the Participant’s last day of active employment (if the Company has not specified a target award for such year, the most recent target award will be considered continued in effect); provided, however, in the event of a Change in Control Termination, the Final Annual Salary shall be the greater of the Final Annual Salary as calculated immediately preceding the Change in Control or the Final Annual Salary as calculated on the Participant’s last day of active employment.
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Final Annual Salary means the Salary of the Member for the 12 months immediately preceding termination of Eligible Employment.
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Examples of Final Annual Salary in a sentence

  • Under the new method, Pension is calculated, for each year of service, as 1/200th of such Final Annual Salary as does not exceed the Threshold, together with (where appropriate) 1/80th of such Final Annual Salary as does exceed the Threshold.

  • Final Annual Salary: €40,000 Age: 55 years and 219 days Reckonable Service: 30 years Apply formula [A + ((B/365) x (C-A))] x preserved benefit based on service: Preserved pension is €15,000, so, whereA = 77.8 (pension reduction factor at age 55) B = 219 (number of days since last birthday) C = 81.6 (pension reduction factor at age 56) Actuarially reduced annual pension is €12,012.

  • The Lump Sum is, therefore, calculated as follows:- Lump Sum = 3/80th x (Final Annual Salary) x (total pensionable service) In the case of the Pension, a new method of co-ordination has been decided on by Government following the recommendation of a joint union/management working group.

  • Final Annual Salary: €25,000 Age: 62 Reckonable Service: 37 years Superannuation BenefitsIf opting to preserve benefits If availing of cost neutral early retirement Due at age 65 (i.e. in 3 years’ time) Due now Lump sum:€34,688€32,710 (applying reduction factor of 94.3%)Annual pension:€ 4,625 (*)€ 3,867 (applying reduction factor of 83.6%) (*) Preserved Pension in this case is calculated as €25,000 x 37/200 (since Final Annual Salary is less than €31,186).

  • As of the Effective Date and subject to the forfeiture and vesting requirements of the Plan as supplemented by this Participation Agreement, the Executive is a Participant in the Plan and is entitled to a SERP Benefit equal to 50% of Final Annual Salary, as described in Section 4 of the Plan, subject to the applicable reduction factor as set forth in Section 4.8 of the Plan for payments provided before Executive’s Normal Retirement Date.

  • As of the Effective Date and subject to the forfeiture and vesting requirements of the Plan as supplemented by this Amended Participation Agreement, the Executive is a Participant in the Plan and is entitled to a SERP Benefit equal to 50% of Final Annual Salary, as described in Section 4 of the Plan, subject to the terms of this Amended Participation Agreement and the applicable reduction factor as set forth in Section 4.8 of the Plan for payments provided before Executive’s Normal Retirement Date.

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  • In no event shall the operation of this Section 6.07 be used to reduce a Member's ERFC disability benefit below ten percent of the Member's Final Annual Salary.

  • As of the Effective Date and subject to the forfeiture and vesting requirements of the Plan as supplemented by this Participation Agreement, the Executive is a Participant in the Plan and is entitled to a SERP Benefit equal to 40% of Final Annual Salary, as described in Section 4 of the Plan, subject to the applicable reduction factor as set forth in Section 4.8 of the Plan for payments provided before Executive's Normal Retirement Date.

  • As of the Effective Date and subject to the forfeiture and vesting requirements of the Plan as supplemented by this Participation Agreement, the Executive is a Participant in the Plan and is entitled to a SERP Benefit, as described in Section 4 of the Plan, equal to 50% of Final Annual Salary, subject to the terms of this Participation Agreement and the applicable reduction factor as set forth in Section 4.8 of the Plan for payments provided before Executive’s Normal Retirement Date.


More Definitions of Final Annual Salary

Final Annual Salary means the base salary and annual bonus paid to a Participant by Employer prior to a Participant's termination or death.
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Final Annual Salary means the Participant's Annual Salary as in effect on the Participant's last day of active employment; provided, however, in the event of a Change in Control Termination, the Final Annual Salary shall be the greater of the Annual Salary as in effect immediately preceding the Change in Control or the Annual Salary as in effect on the Participant's last day of active employment.
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Final Annual Salary means a Participant’s average Annual Rate of Compensation during the five consecutive year period, occurring in the last ten years of his employment with BMS or a Participating Employer, which produces the highest average Annual Rate of Compensation; provided, however, that in no event shall an increase in a Participant’s Annual Rate of Compensation after the fifth anniversary of the Effective Date be taken into account for the determination of Final Average Salary. Participants’ Final Annual Salary will be converted to United States dollars for each year of the five consecutive year period used to calculate such Participant’s Final Annual Salary using the currency exchange rate in effect on December 31 of such year.
Sample 1

Related to Final Annual Salary

  • Base Annual Salary means the annual cash compensation relating to services performed during any calendar year, whether or not paid in such calendar year or included on the Federal Income Tax Form W-2 for such calendar year, excluding bonuses, commissions, overtime, fringe benefits, stock options, relocation expenses, incentive payments, non-monetary awards, directors fees and other fees, automobile and other allowances paid to a Participant for employment services rendered (whether or not such allowances are included in the Employee’s gross income). Base Annual Salary shall be calculated before reduction for compensation voluntarily deferred or contributed by the Participant pursuant to all qualified or non-qualified plans of any Employer and shall be calculated to include amounts not otherwise included in the Participant’s gross income under Code Sections 125, 132(f), 402(e)(3), 402(h), or 403(b) pursuant to plans established by any Employer; provided, however, that all such amounts will be included in compensation only to the extent that, had there been no such plan, the amount would have been payable in cash to the Employee.

  • Annual Salary means the salary given under this Part.

  • Monthly Base Salary means 1/12th of the greater of (i) Executive’s annual base salary (excluding incentive pay, premium pay, commissions, overtime, bonuses and other forms of variable compensation) as in effect on the date of a Change in Control Termination or a Covered Termination, as applicable, or (ii) in the case of a Change in Control Termination, Executive’s annual base salary (excluding incentive pay, premium pay, commissions, overtime, bonuses and other forms of variable compensation) as in effect on the date of a Change in Control.

  • Current Annual Compensation means the greater of:

  • Base Salary shall have the meaning set forth in Section 3(a) hereof.

  • 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;

  • Base Compensation means the amount equal to the sum of (i) the greater of Executive’s then-current Annual Base Salary or Executive’s Annual Base Salary as of the date one day prior to the Change in Control, and (ii) the Average Incentive Bonus.

  • Average Annual Bonus means the average of the annual bonuses (if any) from the Company earned by the Executive with respect to the Bonus Fiscal Years during all or any portion of which the Executive was employed by the Company; and, provided, further, that, if the Executive was not employed by the Company during all or any portion of any of the Bonus Fiscal Years, “Average Annual Bonus” means zero.

  • Normal salary means the salary that would be paid to a participating employee if that person was not participating in a Plan and includes salary expressed as an annual rate, fortnightly rate, weekly rate, daily rate or hourly rate. It includes all allowances that are paid as an annual rate, fortnightly rate, weekly rate, daily rate or hourly rate but not overtime payments and shift work penalty rates unless they are paid as a component of an annualised rate.

  • Final Salary means the average annual salary for service for which

  • Annual Base Salary shall have the meaning set forth in Section 3(a).

  • Termination Base Salary means that amount equal to Executive’s annual base salary with the Company at the rate in effect immediately prior to the Change of Control or, if a greater amount, Executive’s annual base salary at the rate in effect at any time thereafter.

  • Pro Rata Annual Bonus means the amount of Annual Bonus, multiplied by a fraction, the numerator of which is the number of days in such year during which the Executive was actually employed by the Company (or its predecessor) and the denominator of which is 365.

  • Monthly salary means the gross amount paid to a participant making a claim under s. 40.65, at the time he or she becomes disabled within the meaning of s. 40.65 (4), by the employer in whose employ the injury occurred or the disease was contracted. Overtime pay may not be considered part of an employee’s monthly salary unless the employee received it on a regular and dependable basis.

  • Target Annual Bonus as of any date means the amount equal to the product of Base Salary determined as of such date multiplied by the percentage of such Base Salary to which Executive would have been entitled immediately prior to such date under any Bonus Plan for the Annual Performance Period for which the Annual Bonus is awarded if the performance goals established pursuant to such Bonus Plan were achieved at the 100% level as of the end of the Annual Performance Period.

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

  • Basic Salary shall have the meaning assigned to it in Section 5 of this Agreement.

  • Accrued Base Salary means the amount of Executive's Base Salary which is accrued but not yet paid as of the Date of Termination.

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

  • Annual Bonus shall have the meaning set forth in Section 4(b) below.

  • Projected Annual Benefit means the annual retirement benefit (adjusted to an actuarial equivalent straight life annuity if such benefit is expressed in a form other than a straight life annuity or Qualified Joint and Survivor Annuity) to which the Participant would be entitled under the terms of the Plan assuming:

  • Final compensation of a member means:

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

  • Salary as defined in Section 3.1(a).

  • Final Average Compensation means the average annual

  • Basic Compensation means Salary and Benefits.