Fort Walton Beach Council agenda — 02-22-11 regular — reading text

y.y. aa ii a)a) EE LL UU rr QQ IT" S tIVILVIN • r • / RENOIR too go PagePage 2121 ofof 5353 PagesPages  CC cvcv i aa a LLLL LLLL II MM 0000 r : TT VV CC LL AU nn ii r ft TT i i • n is : : d'd' TT i .- r : - i TT vv MM 0000 TT LL 00 EE aa PagePage 2222 ofof S3S3 PagesPages  T' ftut" VAMP r - • IN r r • •• • r • •' r . W T• - 1" ILVINN WTI011 / 1" I%11VJ I • i _ • - - _ - i / • UUMAP MINIM 1. Basic Limitation. Notwithstanding any other provisions of this Plan to the contrary, the Member contributions paid to, and retirement benefits paid from, the Plan shall be limited to such extent as may be necessary to conform to the requirements of Code Section 415 for a qualified retirement plan.Before January 1, 1995, a plan Member may not receive an annual benefit that exceeds the limits specified in Code Section 415( b), subject to the applicable adjustments in that section. On and after January 1, 1995, a plan Member may not receive an annual benefit that exceeds the dollar amount specified in Code Section 415( b)( 1)( A) ($ 160, 000), subject to the applicable adjustments in Code Section 415( b) and subject to any additional limits that may be specified in this Plan. For oses of this Section. " limitation vi calendar 2. Adiustments to Basic Limitation for Form of Benefit. If the form of benefit without regard to any benefit increase feature is not a straight r- life annuity, then the Code Section 415( b) limit applicable at the annuity starting date is reduced to M 00 an actuarially equivalent amount ( determined using the assumptions specified in Treasury Reaulation Section 1. 415( b) - 1 ( c)( 2)( ii)) that takes into account the death benefits under the form of benefit. 0 as 3. Benefits Not Taken into Account. E t v For purposes of this Section, the following benefits shall not be taken into account in applying these limits: Q A. Any ancillary benefit which is not directly related to retirement income benefits, B. Any other benefit not required under §415( b)( 2) of the Code and Regulations thereunder to be taken into account for purposes of the limitation of Code Section 415( b)( 1). Page 23 of 53 Pages  4. COLA Effect. Effective on and after January 1, 2003, for purposes ofapplying the limits under Code Section 415( b) ( the " Limit "),the following will apply: A. A Member's applicable limit will be applied to the Member's annual benefit in the Member's first calendar year of benefit payments without regard to any automatic cost of living adjustments; B. thereafter, in any subsequent calendar year, a Member's annual benefit, including any automatic cost of living increases, shall be tested under the then applicable benefit limit including any adjustment to the Code Section 415( b)( 1)( A) dollar limit under Code Section 415( d), and the regulations c thereunder; but M a C. in no event shall a Member's benefit payable under the Plan in any calendar o year be greater than the limit applicable at the annuity starting date, as N increased in subsequent years pursuant to Code Section 415( d) and the as a regulations thereunder. U. Unless otherwise specified in the Plan, for purposes ofapplying the limits under Code c a Section 415( b), a Member's applicable limit will be applied taking into consideration cost of living E increases as required by Section 415( b) of the Code and applicable Treasury Regulations. M 0 ti 5. Other Adjustments in Limitations. M CO r A. In the event the Member's retirement benefits become payable before aae a sixty -two ( 62), the limit prescribed by this Section shall be reduced in M accordance with regulations issued by the Secretary of the Treasury pursuant a to the provisions of Code Section 415( b) of the Code, so that such limit as L O so reduced) equals an annual straight life benefit ( when such retirement income benefit begins) which is equivalent to a one hundred sixty thousand t dollar ($ 160, 000) annual benefit beginning at age sixtv -two ( 62). ti B. In the event the Member's benefit is based on at least fifteen ( 15) years of M