Final Average Compensation. No annual leave in excess of two hundred forty (240) hours shall be included in final average compensation for purposes of calculating the level of retirement benefits.
Final Average Compensation. (Offset plans only) A Participant's Final Average Compensation is the average of the Participant's annual Compensation, as defined in Section VI above, from the Employer for the three-consecutive year period ending with or within the Plan Year. If a Participant's entire period of employment with the Employer is less than three consecutive years, Compensation is averaged on an annual basis over the Participant's entire period of employment. Compensation for any year in excess of the Taxable Wage Base in effect at the beginning of such year will not be taken into account. Covered compensation will be determined based on the following year:
Final Average Compensation. Final ten (10) years.
Final Average Compensation. The age-appropriate retirement factor will be applied to the average of the three highest years of compensation earned at any time during the employee’s employment with the City. A “year” will be defined as it is presently in the Municipal Code. The right to retire at age 55 with 20 years of service or at age 62 with ten years of service remains unchanged.
Final Average Compensation. FAC will include base wages and overtime only (on-call pay will be considered an overtime earning). Final payments at separation will not be included in FAC.
Final Average Compensation. The employee's best two (2) years of credited service earnings prior to separation of employment shall be computed as final average compensation for retiring employees. Disability leave benefits, Worker's Compensation payments (weekly payments only) and layoff benefits shall be included when figuring final average compensation and credited service, contingent upon the employee's contribution of seven percent (7%), of the compensation received within twelve (12) months of return from such leave or layoff.
Final Average Compensation. The average of the sum of the salary and cash bonus (inclusive of all discretionary bonuses and cash incentive programs in which Employer participated) for the last five (5) consecutive, completed calendar years of service. Stock options, restricted stock or other equity compensation grants, programs or plans shall not be included in the computation of Final Average Compensation. However, all sums earned under the SFNC Executive Incentive Plan ("EIP") shall be considered as cash compensation, even if in future years some part or all of the EIP may be paid in stock rather than cash. Monthly Benefit - The monthly benefit payable upon death, disability or Normal Retirement shall be one-twelfth (1/12th) of an amount equal to thirty percent (30%) of the Final Average Compensation of Employee. Separation from Service - shall mean Employee has experienced a termination of employment with Employer. For purposes of this Agreement, whether a termination of employment or service has occurred is determined based on whether the facts and circumstances indicate that Employer and Employee reasonably anticipated that no further services would be performed after a certain date or that the level of bona fide services Employee would perform after such date (whether as an employee or as an independent contractor) would permanently decrease to no more than twenty percent (20%) of the average level of bona fide services performed (whether as an employee or an independent contractor) over the immediately preceding thirty-six (36) month period (or the full period of services to Employer if Employee has been providing services to Employer less than 36 months). Facts and circumstances to be considered in making this determination include, but are not limited to, whether Employee continues to be treated as an executive for other purposes (such as continuation of salary and participation in executive benefit programs), whether similarly situated service providers have been treated consistently, and whether Employee is permitted, and realistically available, to perform services for other service recipients in the same line of business. Employee will be presumed not to have separated from service where the level of bona fide services performed continues at a level that is fifty percent (50%) or more of the average level of service performed by Employee during the immediately preceding thirty-six (36) month period. Specified Employee - is a key employee (as defined in section 416(i) of ...
Final Average Compensation. The employee's best two (2) years of credited service prior to termination of employment shall be computed as final average compensation. Sick leave benefits, Xxxxxx's Compensation payments (weekly payments only) and layoff benefits shall be included when figuring final average compensation and credited service, contingent upon the employee's contribution of five percent (5%) of the benefits received within twelve (12) months of return from such leave or layoff.
Final Average Compensation. For the defined benefit portion of the dual plan: final average compensation is calculated on the highest consecutive 60 months of credited service within the ten years prior to retirement.
Final Average Compensation. Final Average Compensation (FAC) is based on the last 60 months (130 pay periods) of employment. Shift and differential pay are included in the wages for pension calculation. However, the shift pay included in the calculation may not exceed 125% of the shift pay earned during the five years prior to the FAC period, adjusted for promotion.
