Highest average salary means the average monthly
Highest average salary means the employee's average annual salary for the highest paid three (3) continuous years of service;
Highest average salary means the highest average salary as calculated under Section 7.1;
Examples of Highest average salary in a sentence
The lifetime retirement benefit for all eligible retiring employees under the PERA Benefit Structure is the greater of the: • Highest average salary multiplied by 2.5 percent and then multiplied by years of service credit • The value of the retiring employee’s member contribution account plus a 100 percent match on eligible amounts as of the retirement date.
Highest average salary is defined as the average of the highest 60 consecutive months of an employee’s cash compensation, which includes base salary and annual incentive cash compensation, but it excludes compensation under the LTIP.
Highest average salary multiplied by 2.5% and then multiplied by years of service credit.
The lifetime retirement benefit for all eligible retiring employees under the Denver Public Schools (DPS) benefit structure is the greater of the: • Highest average salary multiplied by 2.5 percent and then multiplied by years of service credit.
Highest average salary actually earned by the taxpayer during any five consecutive years in the service of the employer during his membership of the Fund.
More Definitions of Highest average salary
Highest average salary. MEANS THE AVERAGE MONTHLY COMPENSATION OF THE THIRTY-SIX MONTHS OF ACCREDITED SERVICE HAVING THE HIGHEST RATES, MULTIPLIED BY TWELVE, OR THE "CAREER AVERAGE SALARY", WHICHEVER IS GREATER, AND SHALL BE APPLIED TO BENEFITS, EXCEPT FOR BENEFITS UNDER SECTIONS 24-51-1727 TO 24-51-1731, ATTRIBUTABLE TO RETIREMENT OR DEATH ON OR AFTER JULY 1, 1994. FOR BENEFITS UNDER SECTIONS 24-51-1727 TO 24-51-1731, "HIGHEST AVERAGE SALARY" APPLIES TO CASES WHERE TERMINATION OF SERVICE OCCURS ON OR AFTER JULY 1, 1994.
Highest average salary means one-third (1/3rd) of the member's highest total pensionable salary during any three (3) non-overlapping continuous years of employment by the employer. If the member has been employed for less than three (3) continuous years, the highest average salary shall mean the average annual pensionable salary during such period of employment. For greater certainty, highest average salary may be calculated with reference to the member's pensionable salary for employment after he or she has attained the thirty-five (35) year maximum for credited service to the date of the member's retirement, termination or death.
Highest average salary means the average of the Member's highest three (3) calendar years' actual salary on which contributions were paid. The calendar years’ actual salary is based on the Employer reported payroll period end date. If the Employer changes payroll frequency resulting in a substantial reduction in the amount of salary paid in a given year, an adjustment may be made to account for the Member’s salary in the year it was earned when calculating the average of a Member’s highest three years’ Base Salary. The year in which a Member retires may be considered in calculating the average of the Member's highest three (3) years' Base Salary if the Member retired on or after July 1. In that event, FPPA will annualize the last year's salary by comparing total pay periods for the year to total pay periods actually paid. If a Member retires on or before June 30 of any given year, the Member's salary for that year shall not be considered for the purpose of calculating the average of the Member's highest three (3) years' salary. If a Member purchased service credit within the last three (3) years of service, the attributed salaries calculated by using
Highest average salary means the average monthly compensation of the thirty-six months of accredited service having the highest rates, multiplied by twelve, or the "career average salary", whichever is greater, and shall be applied to benefits, except for benefits under sections 24-51-1727 to 24-51-1731, attributable to retirement or death on or after July 1, 1994. For benefits under sections 24-51-1727 to 24-51-1731, "highest average salary" applies to cases where termination of service occurs on or after July 1, 1994. This subsection (17) shall apply only to DPS members eligible for a retirement benefit as of January 1, 2011. For DPS members not eligible for a retirement benefit as of January 1, 2011, the definition of "highest average salary" specified in section 24-51-101 (25)(b)(V) SECTION 24-51-101 (25)(b)(V) AND (25)(b)(VI), shall apply.
Highest average salary. MEANS THE AVERAGE MONTHLY COMPENSATION OF THE THIRTY-SIX MONTHS OF ACCREDITED SERVICE HAVING THE HIGHEST RATES, MULTIPLIED BY TWELVE, OR THE "CAREER AVERAGE SALARY", WHICHEVER IS GREATER, AND SHALL BE APPLIED TO BENEFITS, EXCEPT FOR BENEFITS UNDER SECTIONS 24-51-1727 TO
Highest average salary means highest average salary as defined in the ANC Salaried Pension Plan as it was in effect immediately before the Separation Date.
Highest average salary means the average of the Member's highest three (3) calendar years' actual salary on which contributions were paid. The calendar years’ actual salary is based on the employer reported payroll period end date. If the employer changes payroll frequency resulting in a substantial reduction in the amount of salary paid in a given year, an adjustment may be made to account for the Member’s salary in the year it was earned when calculating the average of a Member’s highest three years’ base salary. The year in which a Member retires may be considered in calculating the average of the Member's highest three (3) years' base salary if the Member retired on or after July 1. In that event, FPPA will annualize the last year's salary by comparing total pay periods for the year to total pay periods actually paid. If a Member retires on or before June 30 of any given year, the Member's salary for that year shall not be considered for purposes of calculating the average of the Member's highest three (3) years' salary. If a Member purchased service credit within the last three (3) years of service, the attributed salaries calculated by using the actuarial data in the service credit calculator for the periods of service credit purchase may also be used in calculating the average of a Member’s highest three (3) years’ base salary. When a Member has less than 3 years of service credit, but is vested through a combination of service credits from the Statewide Defined Benefit Plan and the Statewide Hybrid Plan, the Highest Annual Salary for periods of service that are less than three