Average Final Compensation (AFC) Sample Clauses

Average Final Compensation (AFC). For the purpose of calculating the member’s DROP and retirement allowances, average final compensation (AFC) shall be based on:
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Average Final Compensation (AFC). For the purpose of calculating the member’s DROP and retirement allowances, average final compensation (AFC) shall be based on: ✓ The member’s DROP service; and ✓ Determined as if the member had retired at the beginning of the DROP period DROP allowances credited to the DROP account and paid on actual retirement shall be increased for retirement cost of living adjustments as if the member had retired at the beginning of the DROP period. In addition to the proceeds of the DROP account, a member who retires under the DROP program will receive an annualized retirement allowance, paid monthly, equal to the member’s annual DROP allowance, adjusted for applicable cost of living adjustments and reductions based upon the option elected by the retirement member.
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Average Final Compensation (AFC). For all benefits accrued effective October 1, 2015 and thereafter, regardless of plan, AFC shall be equal to the average of the last ten (10) consecutive years of compensation while a member of the Retirement System and shall only include base wages. Overtime, holiday premium pay, sick leave, and vacation leave banks shall not be used to calculate AFC.
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Related to Average Final Compensation (AFC)

  • 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.

  • 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.

  • 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.

  • Average Annual Compensation The Executive's "Average Annual Compensation" for purposes of this Agreement shall be deemed to mean the average level of compensation paid to the Executive by the Employers or any subsidiary thereof during the most recent five taxable years preceding the Date of Termination, including Base Salary and benefits and bonuses under any employee benefit plans of the Employers.