Final Average Earnings

1.25 - Final Average Earnings means either, as applicable,:

Final Three Year Average Earnings which means the average of a Participant's Compensation as follows:

• in the event that a Participant has been a Participant for 3 full years or longer prior to the Participant's Termination of Employment, death or Retirement, whichever first occurs, the annual average of the Participant's Compensation while a Participant during the best 3 consecutive years out of the last 20 years with respect to the period ending not later than August 31, 2011; and
• in the event that a Participant has been a Participant for less than 3 full years prior to the Participant's Termination of Employment, death or Retirement, whichever first occurs, the annual average of the Participant's Compensation during his or her entire period as a Participant but with respect to the period ending not later than August 31, 2011.
• Notwithstanding the foregoing, in the event a Participant terminates employment prior to the end of the Plan Year, "Final Three Year Average Earnings" shall be determined as the greater of (i) and (ii) as follows:
• (i) the annual average of the Participant's Compensation while a Participant during the 36 consecutive months of employment immediately preceding the Participant's Termination Date; and
• (ii) the annual average of the Participant's Compensation while a Participant during the best 3 consecutive full Plan Years out of the last 20 years up to and including the Plan Year immediately prior to the Plan Year in which the Participant terminates, with respect to the period ending not later than August 31, 2011.

Notwithstanding the above, the Final Three Year Average Earnings of a Participant who is a Part-Time Employee will be determined based on Compensation which is annualized for each Plan Year of Part-Time employment, such that the Participant's Compensation is multiplied by the ratio of 1 to Credited Participating Service completed within such Plan Year as determined by the Participating Employer.

The Final Three Year Average Earnings of a Participant who takes a Maternity Leave or Parental Leave as provided in Section 3.04 and who continues to make contributions during such leave will be determined taking into account the Compensation that would have been paid during the leave had the Participant been actively at work during such period based on the level of Compensation in effect at the commencement of the leave.

The Final Three Year Average Earnings of a Participant who has a Break in Service and who elected to receive a deferred vested pension from the Plan at the time of Termination of Employment will be determined by ignoring the period of the Break in Service. Compensation paid prior to the Break in Service to such a Participant will be included in determining Final Average Earnings to the extent that the Participant has not been rehired for 3 full years. As a point of clarification, Final Three Year Average Earnings determined on this basis will be applied to determine the amount of pension payable for all years of service including service prior to the Break in Service; or

Final Five Year Average Earnings, which means the average of a Participant's Compensation, as follows:

• in the event that a Participant has been a Participant for 5 full years or longer prior to the Participant's Termination of Employment, death or Retirement, whichever first occurs, the annual average of the Participant's Compensation while a Participant during the best 5 consecutive years out of the last 20 years with respect to the period ending not later than August 31, 2011; and
• in the event that a Participant has been a Participant for less than 5 full years prior to the Participant's Termination of Employment, death or Retirement, whichever first occurs, the annual average of the Participant's Compensation during his or her entire period as a Participant but with respect to the period ending not later than August 31, 2011.
• Notwithstanding the foregoing, in the event a Participant terminates employment prior to the end of the Plan Year, "Final Five Year Average Earnings" shall be determined as the greater of (i) and (ii) as follows:
• (i)the annual average of the Participant's Compensation while a Participant during the 36 consecutive months of employment immediately preceding the Participant's Termination Date; and
• (ii)the annual average of the Participant's Compensation while a Participant during the best 5 consecutive full Plan Years out of the last 20 years up to and including the Plan Year immediately prior to the Plan Year in which the Participant terminates, with respect to the period ending not later than August 31, 2011.

Notwithstanding the above, the Final Five Year Average Earnings of a Participant who is a Part-Time Employee will be determined based on Compensation which is annualized for each Plan Year of Part-Time employment, such that the Participant's Compensation is multiplied by the ratio of 1 to Credited Participating Service completed within such Plan Year as determined by the Participating Employer.

The Final Five Year Average Earnings of a Participant who takes a Maternity Leave or Parental Leave as provided in Section 3.04 and who continues to make contributions during such leave will be determined taking into account the Compensation that would have been paid during the leave had the Participant been actively at work during such period based on the level of Compensation in effect at the commencement of the leave.

The Final Five Year Average Earnings of a Participant who has a Break in Service and who elected to receive a deferred vested pension from the Plan at the time of Termination of Employment will be determined by ignoring the period of the Break in Service. Compensation paid prior to the Break in Service to such a Participant will be included in determining Final Average Earnings to the extent that the Participant has not been rehired for 5 full years. As a point of clarification, Final Five Year Average Earnings determined on this basis will be applied to determine the amount of pension payable for all years of service including service prior to the Break in Service.