Final Average Compensation definition
Examples of Final Average Compensation in a sentence
The Offset Percentage for any Participant shall not exceed one-half of the Gross Benefit Percentage, multiplied by a fraction (not to exceed one), the numerator of which is the Participant's Average Compensation, and the denominator of which is the Participant's Final Average Compensation up to the offset level.
When an employee’s Final Average Compensation is calculated, any retroactive wages provided shall be counted as if the retroactive wages were paid to the employee when the wages were earned, not when they were received by the employee.
Notwithstanding the provisions of Section 2 (11) and 2 (12) of the Macomb County Employees’ Retirement System Ordinance, when an employee’s Final Average Compensation is calculated, any retroactive wages provided shall be counted as if the retroactive wages were paid to the employee when the wages were earned, not when they were received by the employee.
The member’s Final Average Compensation was limited by this same maximum, so the member’s election affected both benefits and contributions.
Stock options, restricted stock or other equity compensation grants, programs or plans shall not be included in the computation of Final Average Compensation.