The term "average final compensation" means one-twelfth (
1/12
) of the average annual compensation received by a participant during the period that
includes the highest compensation received for five years of service prior to the
employee's normal retirement date. This definition shall be subject to the limitations
established and adjusted under section 401(a)(17) of the Internal Revenue Code and
IRS Regulation 1.401(a)(17)-1 relating to plan years beginning before or after 1 January
1994.
Provided that Average Final Compensation for Participants over the age of forty-two
(42) years with more than seventeen (17) years of credited service who retire on or
after May 31, 2000 and prior to December 17, 2000 shall mean one-twelfth (
1/12
) of the average annual compensation of the three (3) highest years of service prior
to the employee's retirement.
