Glossary


A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
 


Association

shall mean both Local 241 and Local 308 of the Amalgamated Transit Union.

Authority

shall mean Chicago Transit Authority.

Average Annual Compensation

shall be determined as follows:

a. For those employees for whom the effective date of retirement is prior to 3-1-82 "Average Annual Compensation in the highest five (5) Completed Plan Years" shall mean that amount determined by dividing by five (5) the total Compensation as defined herein, of the employee in those five (5) Plan Years within the ten (10) Plan Years immediately prior to his normal retirement date (or, if earlier, the effective date of retirement) in which his Compensation was greatest.

b. For those employees for whom the effective date of retirement is 3-1-82 or thereafter "Average Annual Compensation in the highest four (4) Completed Plan Years" shall mean that amount determined by dividing by four (4) the total Compensation, as defined herein, of the employee in those four (4) Plan Years within the ten (10) Plan Years immediately prior to his retirement date in which his Compensation was greatest.

c. For those employees for whom the effective date of retirement is after September 26, 1990, the Committee, upon good cause shown to its satisfaction, may substitute those four (4) Plan Years during an employees employment in which his compensation was greatest, in lieu of the four (4) Plan Years within the ten (10) Plan Years immediately prior to the employees retirement date in which his compensation was greatest, for the determination of the employee's Average Annual Compensation.



 


55 West Monroe Street :: Suite 1950 :: Chicago, IL  60603 ::   Office Hours ::  Monday thru Friday - 8:00 AM - 4:30PM      Contact Us