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Final Average Pay shall not be reduced for any pay reduction contributions (x) to cash or deferred arrangements under Section 401(k) of the Code, (y) to a cafeteria plan under Section 125 of the Code, or (z) to a nonqualified deferred compensation plan. Final Average Pay shall not be increased by any reimbursed expenses, credits, or benefits under any plan of deferred compensation to which the Bank contributes, or any additional cash compensation or compensation payable in a form other than cash.", "size": 6, "hash": "12c1135118f045c070610fdad4603313", "id": 10}], "next_curs": "Cl4SWGoVc35sYXdpbnNpZGVyY29udHJhY3RzcjoLEhpEZWZpbml0aW9uU25pcHBldEdyb3VwX3Y1NiIaZmluYWwtYXZlcmFnZS1wYXkjMDAwMDAwMGEMogECZW4YACAA", "definition": {"snippet": "means the participant\u2019s average monthly compensation in the highest three calendar years of compensation out of five consecutive calendar years of employment during a period of eligibility service by the Company or an Affiliate. Years separated by a period of one or more calendar years when the participant has no such eligible employment shall be treated as consecutive. Additional compensation paid at retirement or other Separation from Service, such as for periods of unused vacation or sick leave, shall be attributed to calendar years by assuming that employment continued during the period based on which the compensation is measured. Severance pay shall be disregarded, except severance pay in lieu of service.", "title": "Final Average Pay", "size": 181, "id": "final-average-pay", "examples": ["<strong>Final Average Pay</strong> is defined as the averaged highest sixty (60) consecutive months of compensation earned over the last one hundred twenty months (120) of employment.", "The pension formula shall be 1.45% of <strong>Final Average Pay</strong> multiplied by all years of Credited Service with no Social Security offset.", "Employees on the payroll as of October 13, 2000 were grandfathered into the previous pension plan with the formula of 1.5% of <strong>Final Average Pay</strong> multiplied by all years of Credited Service with no Social Security Offset.", "As a result, each Participant\u2019s Accrued Benefit will be calculated using <strong>Final Average Pay</strong> (and its predecessor, \u201cAverage Annual Compensation,\u201d as each term is defined in the Retirement Plan) that is based only on Monthly Compensation paid to or for the benefit of the Participant prior to the earlier of (1) the Compensation Freeze Date or (2) the Participant\u2019s Severance from Employment.", "The amount of the Executive&#x27;s benefit shall be based on his <strong>Final Average Pay</strong>, Benefit Percentage and Vesting Percentage; the benefit otherwise payable under this Agreement&#x27;s basic benefit formula shall be reduced by the amount of the Executive&#x27;s Qualified Pension Benefits.", "If Employee is married on his Retirement Date, Employee\u2019s Normal Retirement Benefit shall be: 50% times <strong>Final Average Pay</strong> payable annually for the life of Employee with 50% of such amount continuing after Employee\u2019s death to his spouse for her life, with payments commencing on Employee\u2019s Normal Retirement Date, and subsequent payments made as of each anniversary thereof.", "If Employee is not married on his Retirement Date, Employee\u2019s Normal Retirement Benefit shall be: 50% times <strong>Final Average Pay</strong> payable annually for the life of Employee with a ten year certain guarantee, with payments commencing on Employee\u2019s Normal Retirement Date, and subsequent payments made on each anniversary thereof.", "If Employee is not married on his Retirement Date, Employee&#x27;s Normal Retirement Benefit shall be: 50% times <strong>Final Average Pay</strong> payable annually for the life of Employee with a ten year certain guarantee.", "If Employee is not married on his Early Retirement Date, Employee&#x27;s Early Retirement Benefit shall be: 50% times <strong>Final Average Pay</strong> multiplied by the applicable percentage as set forth in the following schedule: Age at which 62 61 60 Early Retirement Benefits Commence Applicable Percentage 100% 90 80 payable annually for the life of Employee with a ten year certain guarantee.", "Such monthly benefit (the &quot;Normal Retirement Benefit&quot;) shall be an amount equal to (A) the product of his <strong>Final Average Pay</strong>, Benefit Percentage, and his Vesting Percentage, less (B) his Qualified Pension Benefits."], "related": [["final-average-earnings", "Final Average Earnings", "Final Average Earnings"], ["final-average-salary", "Final average salary", "Final average salary"], ["final-average-compensation", "Final Average Compensation", "Final Average Compensation"], ["average-monthly-compensation", "Average Monthly Compensation", "Average Monthly Compensation"], ["average-compensation", "Average Compensation", "Average Compensation"]], "related_snippets": [], "updated": "2025-07-07T00:16:55+00:00"}, "json": true, "cursor": ""}}