An excess benefit plan is hereby established to allow eligible members of the city's Police and Fire Pension Fund to continue to receive those retirement benefits to which they are entitled pursuant to the city's Code of Ordinances, as amended, which benefits would otherwise be limited by the provisions contained in section 415 of the Internal Revenue Code and shall be implemented as follows:
(A) Payment of the city contribution of excess retirement benefits for eligible members of the city's Pension Fund for firefighters and police officers above the limits permitted by the Internal Revenue Code shall be:
(1) Funded from the City General Fund;
(2) Paid annually concurrent with the city's annual contribution to normal pension costs which shall cause the city to realize a reduction in normal pension costs in the same amount; and
(3) Be deposited into an account established to receive the city's excess retirement benefit contributions, which accounts shall be separate and apart from the accounts established to receive the city's normal pension contribution for that plan.
(B) The actuary for the city's Pension Fund for firefighters and police officers' Board of Trustees shall calculate the amounts necessary to fund the defined benefit plan giving the effect to the reductions caused by the implementations of section 415 of the Internal Revenue Code.
(C) The excess benefits shall be paid to each eligible member of the city's Pension Fund for firefighters and police officers on a monthly basis in an amount equal to the differences between the allowable pension benefit to be paid under the Internal Revenue Code and the amount of the defined benefit granted to eligible members of the Police and Fire Pension Plan pursuant to the provisions set forth in the Code.
(Ord. 1572, passed 2-21-07)