Final Average Earnings definition

Final Average Earnings means the earnings used to determine benefits under this Plan as further described in Article 7.

Final Average Earnings means (a) divided by (b) as follows:

Final Average Earnings means the arithmetic monthly average of the Participant’s aggregate Earnings during the thirty-six (36) calendar months of the last 120-consecutive calendar month period of Service immediately preceding the earlier of actual retirement or Termination Date (or the actual number of such months if less than thirty-six (36)) which produces the highest average).

Examples of Final Average Earnings in a sentence

• Union Employees---Defined Benefit-Only OptionFor Union Employees in the Defined Benefit-Only Option, the annual amount of Normal Retirement Benefit payable to a Union Employee who retires on his/her Normal Retirement Date shall be equal to 1.8% of Final Average Earnings multiplied by years of Credited Service.

• The annual amount of Normal Retirement Benefit payable to a Police Employee who retires on or after April 1, 1993, on his/her Normal Retirement Date shall be equal to the lesser of (a) 2.0% of Final Average Earnings multiplied by years of Credited Service prior to April 1, 2004, plus 2.25% of Final Average Earnings multiplied by years of Credited Service on or after April 1, 2004, or (b) 67.5% of Final Average Earnings.

• Administrative Personnel---Defined Benefit-Only OptionFor Administrative Personnel in the Defined Benefit-Only Option, the annual amount of Normal Retirement Benefit payable to an Administrative Employee who retires on his/her Normal Retirement Date shall be equal to 1.8% of Final Average Earnings multiplied by years of Credited Service prior to April 1, 1996, plus 2.0% of Final Average Earnings multiplied by years of Credited Service on or after April 1, 1996.

• Union Employees---Defined Benefit/Thrift Plan OptionFor Union Employees in the Defined Benefit/Thrift Plan Option, the annual amount of Normal Retirement Benefit payable to a Union Employee who retires on his/her Normal Retirement Date shall be equal to 1.8% of Final Average Earnings multiplied by years of Credited Service prior to January 1, 1987, plus 1.0% of Final Average Earnings multiplied by years of Credited Service after December 31, 1986.

More Definitions of Final Average Earnings

Final Average Earnings means the average of the highest annual Considered Compensation received by a Participant during the three calendar years out of the current and preceding five calendar years during which his considered Compensation was the highest. At any point in time, Final Average Earnings shall be computed to the date of determination by taking into account actual Considered Compensation during the current calendar year (without annualization) and the five preceding calendar years.

Final Average Earnings means the sum of (i) the Participant's or Eligible Participant's highest base salary in effect during any calendar year preceding his termination of employment, including the year in which such termination occurs, and (ii) the Participant's or Eligible Participant's highest annual bonus payable with respect to any calendar year preceding his termination of employment, including the year in which such termination occurs.

Final Average Earnings. The current definition of the term "Final Average Earnings" in Section 1.12 of the SERP is hereby deleted in its entirety and the following is substituted in lieu thereof:

Final Average Earnings in Section 1.12 of the SERP is hereby deleted in its entirety and the following is substituted in lieu thereof:

Final Average Earnings means the annual average of the Member's Basic Salary in the 60 months of Service when such Basic Salary was highest during the 12 years prior to the date of death, retirement or termination of employment.

Final Average Earnings means the Officer’s average monthly Earnings for the three consecutive calendar years out of the Officer’s last ten calendar years of employment with the Company that yields the highest average.

Final Average Earnings means the average base salary plus bonus earned by the Participant or Eligible Participant during the three complete calendar years preceding termination of employment (for whatever reason).