Compensation in excess of the limitations set forth in Section 401(a)(17) of the Internal Revenue Code shall be disregarded. The limitation on compensation for “eligible employees” shall not be less than the amount which was allowed to be taken into account under the Plan as in effect on July 1, 1993. For this purpose, an ”eligible employee” is an individual who was a member of the Pension Plan before the first plan year beginning after September 30, 1996.
(Ord. No. 96-36, § 1, 7-16-96)