(a) For any individual who first became a member of the Fire and Police Pension Plan on or after July 1, 1996, the Final Average Salary taken into account to determine the benefits provided by Tier 5 of this Article shall not exceed the annual limit set forth in Section 401(a)(17) of the Internal Revenue Code and regulations thereunder for any Plan Year. This annual compensation limitation shall be adjusted automatically for each Plan Year to the amount prescribed by the Secretary of the Treasury or said Secretary’s delegate.
(b) If any of the limitations of Section 401(a)(17) should be repealed, the provisions of this section shall be deemed repealed to the same extent.
SECTION HISTORY
Added by Ord. No. 174,367, Eff. 12-19-01.