Highest Compensation definition

Highest Compensation for purposes of this Agreement shall be deemed to mean an amount equal to two times the sum of (A) the highest annual rate of Base Salary paid to Executive at any time under this Agreement, and (B) the greater of (x) the average annual cash bonus paid to Executive with respect to the three completed fiscal years prior to the termination, or (y) the cash bonus paid to Executive with respect to the fiscal year ended prior to the termination.
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Examples of Highest Compensation in a sentence

  • The City will provide to Harbor Patrol Officers the additional PERS benefits of One-Year Highest Compensation, Increased Level of 1959 Survivor Benefits (Level Two), Post Retirement Survivor Benefits and Post Retirement Survivor Allowance to Continue After Remarriage, Military Service Credit as Public Service under Government Code Section 21024 and Public Service Credit for Excluded or Limited Prior Service under Government Code Section 21031.

  • In October 1988, the CITY implemented the following: One-Year Highest Compensation (only applies to Classic Members), Increase in Non-Job Related Disability Retirement Allowances, and Pre-Retirement Optional Settlement 2 Death Benefit.

  • The CITY put into effect as of the pay period ending March 17, 1989, the following: One-year Highest Compensation (Section 20024.2) [Except for those subject to section 5 below].

  • The City shall provide One-Year Highest Compensation CalPERS benefit.

  • The Executive's "Highest Compensation" for purposes of this Agreement shall be deemed to mean an amount equal to two times the sum of (A) the highest annual rate of Base Salary paid to Executive at any time under this Agreement, and (B) the greater of (x) the average annual cash bonus paid to Executive with respect to the three completed fiscal years prior to the termination, or (y) the cash bonus paid to Executive with respect to the fiscal year ended prior to the termination.

  • The City shall provide One-Year Highest Compensation pursuant to Section 20042 of the California Government Code.

  • The City will provide the PERS One-Year Highest Compensation benefit to Classic Safety and Miscellaneous employees.

  • In October 1988, the CITY implemented the following: One-Year Highest Compensation, Increase in Non-Job Related Disability Retirement Allowances, and Pre-Retirement Optional Settlement 2 Death Benefit.

  • For the Miscellaneous Employees, including YOUNG, the CALPERS contract offers the following options: ▪ 2%@ 62 Retirement Plan ▪ Military Buy Back ▪ Third Level Survivors Benefit ▪ Three-Year Highest Compensation Formula ▪ Service for Unused Sick Leave The City and YOUNG shall make the Employer and Employee contributions to CalPERS benefits under the same terms provided to unrepresented managers.