(A) This plan is intended to comply with all applicable requirements for qualified governmental retirement plans in sections 401(a) and 415(b) of the Internal Revenue Code, and regulations promulgated thereunder. Upon retirement, the section 415(b) limitation will not be reduced to account for the value of the cost-of-living-adjustment provided in § 33.025(J). In determining the annual update to the section 415(b) limitation after retirement, the cost of living adjustment provided in § 33.025(J) shall not operate to increase the limitation on benefits contained in section 415(b)(1) of the Internal Revenue Code, and in no event will the amount payable to a member in any limitation year be greater than the limit applicable at the annuity starting date, as increased in subsequent years pursuant to Code section 415(d) and the regulations thereunder.
(B) In the event the city receives approval from the Internal Revenue Service for tax qualification of this plan under the provisions of section 414(h)(2) of the Internal Revenue Code, such approval shall be implemented as soon thereafter as practicable.
(Ord. O-2010-30, passed 7-21-10; Am. Ord. O-2013-25, passed 12-18-13)