2016 ORDINANCES - Laserfiche WebLink

Home Browse Search

NotwithstandinG anv other provision of this article. except in the case of an employee who first became a member before July 1. 1996. creditable- compensation taken into account for purnoses of determininG benefits under the svstern shall be limited by the compensation limit pursuant to Section 401(al(171 of the Internal Revenue Code of 1986 as amended For purnoses of applvinG the limitation applicable to each year. the limit for a plan year shall be the limitation in effect for the calendar year in which the plan year beGins determined without increases in the limitation for subsequent years. An employee who first became a member before July 1. 1996 shall be considered a Grandfathered employee for~uraoses of Section 401(al(171 of the Internal Revenue Code. Sec. 30-136. -Limitation on annual benefit and special ve tinG rules. (al NotwithstandinGgnv other provision of this article. the annual benefit under the system of anv member and anv related death or other benefit shall. if necessary be reduced to the extent reauired by Section 415(bl of the Internal Revenue Code of 1986 as amended as adiusted by the Secretary of the Treasury pursuant to Section 415(dl of the Internal Revenue Code of 1986. as amended. all as applicable to Governmental plans. NotwithstandinG the foreGOinG, adiustments in the dollar limitation under Section 415(bl of the Internal Revenue Code of 1986 shall only be applicable to benefits provided by this system with respect to a member who is an eliGible employee at the time the adiustment is effective. In comnarinG the system benefit to the dollar limitation. system benefits must be converted to an annual benefit (as defined in Section 415 of the Internal Revenue Code of 19861 bv. except as provided below. convertinG a benefit payable in a form other than a straiGht life annuity to an actuarially equivalent straiGht life annuity before annlvin~ the limitations of this section. The annual benefit does not include anv benefits attributable to employee contributions or the assets transferred from a qualified plan that was not maintained by a participating employer. No actuarial adiustment to the benefit is reauired for (il the value of a ioint and survivor annuity. (iil the value of benefits that are not directly related to retirement benefits (such as the qualified disability henefit_ nre- retirement death benefits. and post-retirement medical benefitsl, and (iiil the value of post- retirement cost-of-livinG increases made in accordance with Section 415(dl of the Internal Revenue Code of 1986 and Inc. Tax ReGS. Section 1.415-3(cl(21(iiil. Section 415(dl of the Internal Revenue Code of 1986 and the reGUlations thereunder are hereby incoroorated by reference. (bl NotwithstandinG any other provision of this article to the contrary for purooses of adiustinG anv benefit or limitation under Section 415(bl(21(Bl. (Cl. or (Dl of the internal Revem,e Code of 1986. the applicable actuarial adiustment factors shall be based on the followinG assumptions: (11 Mortality accordinG to the table prescribed in Rev. Rul. 2001-62. the 1994 Group Annuity ReservinG Table (94 GARI. NotwithstandinG the foreGOinG the mortality table used for this purnose shall automatically be the table specified in anv future Revenue RulinGS or Federal reGUlations that amend or supercede Revenue RulinG 2001-62 by specifvinG a new mortality table for this purnose: and A-6