Notwithstanding any other provision of the system to the contrary, the annual benefit to which a member is entitled under the system shall not, in any limitation year, be in amount which would exceed the applicable limitations under Section 415 of the Internal Revenue Code and the regulations issued thereunder. If the benefit payable under the system would (but for this section) exceed the limitations of Section 415 of the Code by reason of a benefit payable under another defined benefit plan aggregated with this system under Code Section 415(f), the benefit under this system shall be reduced only after all reductions have been made under such other plan. As of January 1 of each calendar year commencing on or after January 1, 2007, the dollar limitation as determined by the Commissioner of the Internal Revenue Service for that calendar year shall become effective as the maximum permissible dollar amount of benefit payable under the system during the limitation year ending within that calendar year.
(Ord. 2000-15, passed 5-5-00; Am. Ord. 2007-66, passed 9-6-07)