Until April 1, 1978, but not thereafter, unless the full current costs of the plan have not been met as of April 1, 1978, in which event the provisions of this section will be continued until the first date thereafter when the full current costs have been met, the provisions of this plan, shall be subject to the following limitations with respect to any of the twenty-five (25) highest paid employees of the city as of April 1, 1968, whose prospective retirement benefits exceed $1,500.00 per year:
(a) If the plan is terminated the benefits shall not exceed those provided by the city's contributions equal to the greater of the following amounts:
(1) $20,000.00.
(2) The amount computed by multiplying twenty per cent (20%) of such member's average annual compensation (not exceeding $50,000.00) received from the city for five (5) years preceding the date of termination by the number of years intervening between April 1, 1968, and such termination.
(b) If a member retires from the city's employ, the amount of the benefits provided by the plan shall be paid to him only so long as the city continues to meet the full current costs of the plan; otherwise the benefits available to such member in any year, beginning with the year in which the city first fails to meet the full current costs of the plan shall be limited to the annual benefits which could have been provided under the plan with an amount equal to the sum to which he would then be entitled under paragraph (1) of subsection (a) of this section had this plan then terminated, plus his pro-rata share of all supplemental payments made by the city in such year, or in any later year or years, for all members affected by this paragraph; provided, however, that the total amount of such supplemental payments in any year shall not exceed the aggregate employer contributions already made under the plan in the year then current.
(c) If the employment of a member with the city is terminated for reasons other than death or retirement, benefits which thereupon may be distributed or made available to him shall not exceed the amount to which such member would then be entitled under paragraph (1) of subsection (a) of this section if the plan were then terminated. Any excess benefits to which such member would otherwise have been entitled may also be distributed or made available to him in the next succeeding year or years provided (1) the city has met the full current costs of the plan, and (2) the benefits distributed or made available in any succeeding year shall not exceed an amount which when added to the amounts previously distributed to him pursuant to this subsection will not exceed the amount to which he then would be entitled under said paragraph (1) if this plan were then terminated.
For the purposes of this section the full current costs of the plan shall be deemed to have been met as of any date if the city shall have contributed to the trustee sums sufficient so that the initial deficit, if any, in the pension fund shall not have increased.
(Code 1958, § 21-29.1)