(a) Notwithstanding any other provisions of this Tier 5, the benefits payable to any person who became a Member of the Fire and Police Pension Plan prior to January 1, 1990, shall be subject to the greater of the following limitations:
(1) The limitations set forth in Section 415 of the Internal Revenue Code; or
(2) The accrued benefit of the Member determined without regard to any amendment to the Plan made after October 14, 1987, as provided in Section 415(b)(10)(A) of the Internal Revenue Code.
(b) The benefits payable to any person who becomes a Member of the Fire and Police Pension Plan on or after January 1, 1990, shall be subject to the limitations set forth in Section 415 of the Internal Revenue Code.
(c) The Council shall, by ordinance, provide such benefits as are necessary to preserve the level of benefits in effect prior to the effective date of this section.
(d) Should it be determined that the provisions of any section of this Tier 5 violate the limitations of Section 415 or the incidental death benefit provisions of the Internal Revenue Code, such section shall be deemed inapplicable to the extent necessary to achieve compliance. The Council shall by ordinance, adopt such measures as are necessary to achieve compliance and to preserve the level of benefits in effect prior to the effective date of this section.
(e) Ordinances adopted pursuant to this section shall be adopted in the same manner as those authorized by Section 4.2018, except however any Ordinances adopted shall be effective upon publication.
(f) If any of the provisions of Section 415 of the Internal Revenue Code should be repealed, the provisions of this section shall be deemed repealed to the same extent.
(g) All benefits provided pursuant to any ordinance adopted under the provisions of subsection (e) shall be administered by the Board. A separate and distinct fund or funds shall be created by the Board as required to administer such benefits. Such fund or funds shall not contain employee contributions. The Board shall also determine the manner of funding any liabilities incurred as a result of ordinances adopted pursuant to this section.
SECTION HISTORY
Added by Ord. No. 174,367, Eff. 12-19-01.