Highest average salary definition
Highest average salary means the average monthly
Highest average salary means the highest average salary as calculated under Section 7.1;
Highest average salary means the average annual salary of a member for the highest paid three (3) years of continuous service;
More Definitions of Highest average salary
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 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.
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
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) SHALL APPLY.
Highest average salary means the highest average salary as calculated under Section 30; “interest” means interest at a rate determined in accordance with Sections 45 to 48, as applicable;
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
Highest average salary means, subject to subsection (2), the average of a person’s annual salaries in the 5 or, if less than 5, the total number of consecutive years (whether before or after or partly before and partly after the beginning of 1992) of the following service over which the average of the salaries was the highest, namely