Average Final Compensation Sample Clauses

The "Average Final Compensation" clause defines how an employee's average earnings are calculated for the purpose of determining retirement or pension benefits. Typically, this involves averaging the employee's salary over a specified period, such as the last three or five years of employment, or the highest-paid consecutive years within a set timeframe. This calculation ensures that benefit amounts reflect the employee's typical earnings near the end of their career, providing a fair and predictable basis for retirement payouts and preventing manipulation of benefits through short-term salary increases.
Average Final Compensation. The Firemen and Policeman Pensions Act (MCLA 38.551), Section 6(1)(f), as amended for Fire Department members providing that “average final compensation” shall mean the average of three (3) years of highest annual compensation received by the member during their ten (10) years of service immediately preceding their retirement or leaving service, is hereby adopted for the Employees upon execution of this agreement.
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Average Final Compensation. 1. Average Final Compensation for Employees hired before January 1, 2010 will be calculated to include: a. Base Wage b. Firefighter Training Pay (Maximum $500.00) c. Holiday Pay d. Uniform Allowance (Maximum $1250.00) e. Pay for unused sick time according to the schedule in Article 12 f. Pay for unused vacation leave as specified in Article 13 g. EMT Bonus Paramedic Allowance Pay
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Average Final Compensation. No payment of accumulated annual leave banks will be included in Average Final Compensation when computing retirement benefits.
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Average Final Compensation. The average of the employee's five (5) highest annual compensations calculated for either five (5) calendar years or five (5) anniversary years.
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Average Final Compensation. Equals one-fifth of your normal pay during the 260 weeks of Company service that results in the highest average.
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Average Final Compensation average of the 5 highest years of the last 10 years of credited service.
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Average Final Compensation. The City agrees that it will amend the language of the pension plan ordinance no sooner than sixty (60) days after the ratification date of this 2010-2013 Agreement, to change the definition of “Average Final Compensation”, for overtime hours earned after January 1, 2011, so that the number of overtime hours that will be used for retirement benefit calculations for any member shall be limited to a maximum of three hundred (300) hours annually.
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Average Final Compensation. For employees retiring on and after July 1, 1993, provision shall be made that average final compensation shall be the average of the highest final average earnings as defined in Article VII, Section 4 paid a member by the City during a period of three (3) years of credited service contained within his ten (10) years of credited service rendered immediately preceding his retirement. If a member has less than three (3) years of credited service his average final compensation shall be the average of total final average compensation paid by the City.
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Related to Average Final Compensation

  • Final Compensation Final Compensation for an employee, who is employed by the State for the first time and becomes a member of CalPERS prior to January 15, 2011, is based on the highest average monthly pay rate during twelve (12) consecutive months of employment. Final Compensation for an employee, who is employed by the State for the first time and becomes a member of CalPERS on or after January 15, 2011, is based on the highest average monthly pay rate during thirty-six (36) consecutive months of employment.

  • Annual Compensation The Executive’s “Annual Compensation” for purposes of determining severance payable under this Agreement shall be deemed to mean the sum of (i) the annual rate of Base Salary as of the Date of Termination, and (ii) the cash bonus, if any, earned by the Executive for the calendar year immediately preceding the year in which the Date of Termination occurs.

  • Total Compensation 5.1. Contractor shall include Total Compensation in ▇▇▇ for each of its five most highly compensated Executives for the preceding fiscal year if: 5.1.1. The total Federal funding authorized to date under the Award is $25,000 or more; and 5.1.2. In the preceding fiscal year, Contractor received: 5.1.2.1. 80% or more of its annual gross revenues from Federal procurement contracts and subcontracts and/or Federal financial assistance Awards or Subawards subject to the Transparency Act; and 5.1.2.2. $25,000,000 or more in annual gross revenues from Federal procurement contracts and subcontracts and/or Federal financial assistance Awards or Subawards subject to the Transparency Act; and 5.1.3. The public does not have access to information about the compensation of such Executives through periodic reports filed under section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m(a), 78o(d) or § 6104 of the Internal Revenue Code of 1986.

  • Additional Compensation Notwithstanding anything in this Memorandum of Understanding to the contrary when in the judgment of the Board, it becomes necessary or desirable to utilize the services of County employees in capacities other than those for which they are regularly employed, the Board may authorize and, if appropriate, fix an additional rate of compensation for such employees.

  • Maximum Total Compensation Subsection 10.1 is amended to Increase Decrease the Maximum Total Compensation from $ to $ .