The limitations on annual benefits for an employee covered by a defined benefit plan, annual additions for an employee covered by a defined contribution plan and annual benefits, and annual additions for an employee covered by a combination of defined benefit and defined contribution plans maintained by the employer under the Internal Revenue Code of 1986, § 415(b), (c) and (e), being 26 U.S.C. § 415(b), (c) and (e), respectively, as amended, are incorporated herein by this reference. Notwithstanding the foregoing, the limitation of § 415(b), being 26 U.S.C. § 415(b) for any employee who first participated in the plan before January 1, 1990, shall not be less than such employee’s accrued benefit (determined without regard to any amendment made after October 14, 1987); provided, however, in the event that the limitations of § 415(e), being 26 U.S.C. § 415(e) would be exceeded for any limitation year, such employee’s annual benefit under § 6-5-61 of this subchapter shall be decreased to the extent necessary to satisfy such limitations. The employer has made the election described in § 415(b)(10)(c) of the Internal Revenue Code, being 26 U.S.C. § 415(b)(10)(c).
(Ord. 3148, passed - -1990)