Sentences with phrase «final averaged payment»
The final averaged payment was therefore always unfair.
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Lower earners are expected to actually receive more generous payments due to the reform, after the government moved away from a final salary scheme to one based on career averages.
Lord Hutton also recommended an end to generous final salary pension schemes - to be replaced with payments based on average lifetime earnings.
Tier VI also eliminates lump sum payments of unused sick and vacation time from the calculation of final average salary.
In these plans, the annual retirement payment, or annuity, is based on the product of three variables: years of service, a formula factor, and the «final average salary.»
Tier 2 offers worse benefits for new teachers: it has a higher minimum service requirement (up from five to 10 years, making it more difficult for new teachers to qualify for a minimum benefit), a higher normal retirement age (meaning teachers have fewer years to collect pension payments over a lifetime), a less generous pension formula (calculating the final average salary from the last eight years of service instead of just four), and a lower COLA.
Because pensions are based on an employee's final average salary, when districts increase salaries they're also increasing future pension payments.
Monthly payments are usually calculated as final average salary multiplied by years of service multiplied by a set multiplier (such as 1.5).
What it means: This yield measure represents the weighted average YTM of the bonds in the fund as of a date, assuming that the bonds will be held to maturity and that all coupon payments and the final principal payment will be made on schedule.
For example, if inflation averaged just 2 % over the life of your 30 - year mortgage, your final $ 800 principal payment on the mortgage would be equivalent to $ 442 measured in dollars of the same value when you took out your mortgage, thirty years earlier.
It's the time weighted average of all the coupons and final payment you'd receive over the life of the bond.
The weighted average number of months to the final payment of each loan backing a mortgage security weighted by the size of the principal loan balances.