covered compensation
Defined in 1 place of the United States Code.
The term “covered compensation” means, with respect to an employee, the average of the contribution and benefit bases in effect under section 230 of the Social Security Act for each year in the 35-year period ending with the year in which the employee attains the social security retirement age.
Source
- 1994–present26 U.S.C. § 401Internal Revenue Code · Qualified pension, profit-sharing, and stock bonus plans · for purposes of this title