Final Salary definition

Final Salary means the average annual salary for service for which
Final Salary or “FS” means the annual review date salary applicable immediately prior to the occurrence of the relevant event unless the event occurs less than 1 year before the member’s 55th birthday in which case the final salary shall be taken to be FAS but limited to the period from the date the member attained age 54 (or later commencement of membership if applicable) to the occurrence of the relevant event.
Final Salary means the average annual salary or

Examples of Final Salary in a sentence

  • Copies of diplomas and/or transcripts may be used to determine if an instructor meets minimum qualifications in their teaching area but may not be used to determine Final Salary Placement.

  • USS requires a contribution from the member (currently 6.5 per cent of salary for the Career Revalued Benefits section of the scheme and 7.5% for the Final Salary section of the scheme), to which a contribution of salary is added by the University as required by USS.

  • A new Career Average Revalued Earnings (CARE) Scheme was introduced on the 1st April 2015, which was a change from the previous Final Salary Schemes.

  • If a new member of staff has previously been a member of USS and rejoins the scheme on or after 1 October 2011 they will be eligible to rejoin the Final Salary section of the scheme if they:• left before 1 October 2011 and have deferred benefits in USS and are rejoining before 1 April 2012; or• leave the Final Salary section after 30 September 2011 and rejoin the scheme within 30 months of leaving.

  • Almond Housing Association closed the Final Salary Scheme to future accrual from 30 September 2015 and now offers only a defined contribution pension scheme option.


More Definitions of Final Salary

Final Salary means the Executive’s annual base salary as in effect on the Date of Termination or, if higher, the Executive’s annual base salary in effect immediately prior to the reduction giving rise (pursuant to clause (iv) of the definition of Good Reason) to such termination. “Final Average Bonus” means the average of the three most recent annual bonuses paid to Executive prior to the Date of Termination, whether such annual bonuses are paid in the form of cash or in grants of restricted common stock of the Company or restricted stock units under the USEC Inc. Annual Incentive Program (which, under the USEC Inc. Annual Incentive Program, generally vests one(1) year after the date of grant); provided, however, that (i) any annual bonus paid to Executive that was pro-rated or otherwise adjusted because Executive was not employed by the Company during the entire period to which such bonus related shall be annualized for purposes of the calculation of the Executive’s Final Average Bonus; (ii) if Executive has experienced a change in position that has affected Executive’s annual bonus opportunity (whether or not such change in position is accompanied by a change in title), any annual bonus paid to Executive with respect to a period prior to such change in position shall not be include in the calculation of the Executive’s Final Average Bonus; (iii) if Executive shall not have been paid at least three annual bonuses prior to the Date of Termination that are includable in the calculation of Executive’s Final Average Bonus, then Executive’s Final Average Bonus shall be an amount equal to the average of such lesser number of annual bonuses (or, if just one annual bonus, an amount equal to such bonus); and (iv) if Executive shall not have been paid at least one annual bonus prior to the Date of Termination that is includable in the calculation of Executive’s Final Average Bonus, Executive’s Final Average Bonus shall be an amount equal to Executive’s annual target bonus as in effect on the Date of Termination or, if higher, the Executive’s annual target bonus in effect immediately prior to the reduction giving rise (pursuant to clause (iv) of the definition of Good Reason) to such termination. Final Average Bonus shall not include any amount of cash or equity paid or granted as part of any long term incentive plan or program that the Company in its sole discretion may elect to maintain from time to time;
Final Salary means the highest annual base salary rate paid by the Company and any Subsidiary to the Executive during the three (3) years ending on the date of Termination of Employment, or if earlier, the date the Executive attains Normal Retirement Age.
Final Salary means the Participant's Base Salary plus his or her Bonus Awards.
Final Salary means the Executive’s annual base salary as in effect on the Date of Termination or, if higher, the Executive’s annual base salary in effect immediately prior to the reduction giving rise (pursuant to clause (iv) of the definition of Good Reason) to such termination. “Target Bonus” means 100% of the targeted cash bonus Executive would be entitled to receive if he (and, if applicable, the Company) were to achieve all of the enumerated performance targets established by the Company under the STIP for the Executive during the year in which the Date of Termination occurs; and
Final Salary means the amount that is the greater of: (i) Executive’s annual Base Salary (before adjustments for elective deferrals or contributions to Company employee benefit plans) payable immediately prior to Executive’s Benefit Commencement Date, or (ii) the average of Executive’s annual Base Salary (before adjustments for elective deferrals or contributions to Company employee benefit plans) for the three highest years during the ten year period ending on the December 31st immediately preceding Executive’s Benefit Commencement Date.
Final Salary means the Participant’s annual base salary in effect on the April 15th preceding his or her Retirement date.