Current through Register Vol. XLI, No. 24, June 14, 2024
Section 162-5-5 - Final Average Salary5.1. In computing a member's final average salary, the Board shall follow the following procedure: 5.1.a. Compensation shall not be considered for any period for which service is not credited;5.1.b. Increment pay received by an employee at the termination of employment shall be added to the compensation of the last month in which service is credited;5.1.c. Increment pay received by an hourly employee at the termination of employment shall be added to the last month in which compensation is received.5.1.d. The fifteen (15) years of credited service immediately preceding the date in which the member last received service credit with a participating public employer is the one hundred seventy nine (179) months of service preceding the last month of service before retirement;5.1.e. The three (3) consecutive years of service for which the member's compensation was the highest is the highest aggregate of his or her compensation for the thirty-six (36) consecutive months of service contained within the one hundred seventy nine (179) months of service, plus the last month of service determined in Subsection 5.1.d. of this Rule; and5.1.f. The member's final average salary shall be one-third (1/3) of the aggregate salary determined in Subsection 5.1.e. of this Rule.