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Sec. 1242.  Authority of City Council to Create an Excess Benefit Plan by Ordinance.
 
   (a)   Council Authority.  The Council may by ordinance establish an Excess Benefit Plan to supplement the benefits of certain employees under the various Tiers of the Plan to the extent such benefits are reduced by the limitations on benefits imposed by Section 415 of the Internal Revenue Code of 1986 as amended.  The terms and conditions of any Excess Benefit Plan adopted under the authority of this section shall be substantially the same as those of the Excess Benefit Plan established in Los Angeles Administrative Code Section 4.2021 for Tier 5.  If the Council establishes an Excess Benefit Plan, the Excess Benefit Plan must be established as a "qualified governmental excess benefit arrangement" within the meaning of Section 415(m) of the Internal Revenue Code and, once established, may be amended by the Council by ordinance to comply with the Code requirements to maintain such qualification and status.
 
   (b)   Mode of Adoption.  Ordinances adopted under this section shall be adopted in the manner provided in Section 1618(b).
 
SECTION HISTORY
 
Added by Charter Amendment G § 5, approved March 8, 2011, effective April 8, 2011.