46. For the purposes of paragraph 1 of section 45, the average pensionable salary is obtained by performing, in order, the following operations:(1) dividing the pensionable salary for each year, not taking into account the limit imposed by section 14.1, by the credited service, except service credited under section 98;
(2) selecting among the highest salaries resulting from the division, such number of salaries as may be needed to obtain a sum of five contributory periods corresponding to the years selected or, if the sum is less than five, the aggregate of such salaries;
(3) multiplying each salary so selected for each year by the corresponding contributory period;
(4) dividing the aggregate of the salaries resulting from the multiplication by the aggregate of the corresponding contributory periods.
For the purposes of paragraph 2 of section 45 and section 45.1, the average pensionable salary is obtained by performing, in order, the following operations:(1) dividing the pensionable salary for each year by the service credited, except service credited under section 98;
(2) applying subparagraphs 2 to 4 of the first paragraph.
For the purposes of subparagraph 1 of the first and second paragraphs, all the years and parts of a year of service credited must be counted and service credited pursuant to section 21, 39 or 40 shall not be counted in respect of service credited prior to 1 January 1992. In addition, the pensionable salary paid during 2008 and 2009 for which no service is credited is, despite sections 9.1 and 11, part of the pensionable salary of the last year during which service is credited and which is prior to the year during which the pensionable salary is paid.
A contributory period is, for the purposes of this subdivision, the number of contributory days in the period during which the employee has contributed and been exempt in a year and during which days and parts of a day have otherwise been credited to him with contributions, except the days and parts of a day determined by regulation, out of 260. The first contributory period of a new employee begins on the first day for which service is credited to him.
1987, c. 107, s. 46; 1988, c. 82, s. 186; 1991, c. 77, s. 20; 1996, c. 53, s. 5; 2004, c. 39, s. 12; 2007, c. 43, s. 32.