How is Final Average Compensation (FAC) determined for individuals who are not eligible employees and Plan members (or former Plan members) on December 31, 2004?
For individuals who are employees on December 31, 2004 but who on that date have not yet completed the year of service to become a Plan Member, as well as individuals first hired by the Institution after December 31, 2004, FAC will equal the average of his/her compensation for the two year period consisting of the year he/she is hired and the following year. For individuals who terminated employment with the Institution before January 1, 2005, and who are then rehired at some point after 2004, FAC would be that individual’s FAC determined when s/he previously terminated employment.
