Monthly Benefit Base definition
Monthly Benefit Base means the greater of the monthly base salary of a Participant as of the January 1 occurring with or immediately preceding the Measurement Date or the average monthly base salary as of January 1 for the previous five years (including the Measurement Date should it occur on January 1). Monthly base salary is the total of all remuneration for services which is payable by the Company to a Participant as salary in a fixed amount on a monthly basis. Such remuneration includes salary deferred pursuant to an election permitted under Section 401(k) of the Code, any amount which represents a Participant's contribution to a plan described in Section 125 of the Code, and commissions to the extent such commissions are included in the employee benefit participation base as established for similarly compensated employees within the division, affiliate, subsidiary or joint venture of the Company by which the Participant is employed. Such remuneration does not include overtime pay, bonuses, group long-term disability benefits or other special payments to salaried employees.