Fort Walton Beach Council agenda — 02-08-11 regular — reading text

LL AU 9191 Eir-Eir-II II IL'IL' AKWr-AKWr-MWIMILWANIMILVIII14 MWIMILWANIMILVIII14 WVAWVA t"t" II ifif FL"FL" NOON$NOON$ ifif t"t" MRSFIN7feeperd MRSFIN7feeperd I Iffe N'=-. 1jhjWAr# gggVA IL" l 1191" pop 91 On WAVE I T-T- r SK01110tvi I owd of Long HOBSON W105111 stuiviLgavi 1411 a 1141 ldt" RtvjgmltoLv 0000 rr LL L-0L-101 we • t: 1•! t 1• tiltti -•)• l- iaez+ rttNrLS ii)•t l• t 1!• IMA - tit rC• n7 9%t1 1t 1l t llttl li•f. 7lrtrt 1 1 now-now- i • r i i r r • i r• • r in WAAMWAAM ii •• •• •• •• •• •• lo%' lo%' IILviwuxwmmgtIILviwuxwmmgt PagePage 2222 ofof 5353 PagesPages  i f i i •• - - r fA`f7l PR7 7frf / _ • a 0 f i to a LL LL 1. Basic Limitation. a a Notwiithstanding any other provisions of this Plan to the contrary, the Member E contributions paid to, and retirement benefits paid from, the Plan shall be limited to such extent as M 0 may be necessary to conform to the requirements of Code Section 415 for a qualified retirement ti plan. Before Januar, 1, 1995, a plan Member may not receive an annual benefit that exceeds the M CO limits specified in Code Section 415( b), subject to the applicable adjustments in that section. On and after January 1, 1. 995, a plan Member may not receive an annual benefit that exceeds the dollar CD V amount specified in Code Section 415( b)( 1)( A) ($160, 000), subject to the applicable adjustments ca in Code Section 415( b) and subject to anv additional limits that may be specified in this Plan. For c numoses of this e the calendar year. O 2. Add t> ments to Basic Limitation for Form of Benefit. r r e- If the form of benefit without regard to any benefit increase feature is not a straight life annuity, then the Code Section 415( b) limit applicable at the annuity starting date is reduced to M CO an actuarially equivalent amount ( determined using the assumptions specified in Treasury Regulation Section 1.. 415( b)- 1( c)( 2)( ii)) that takes into account the death benefits under the form of benefit. O 0 3. Benefits Not Taken into Account. E L V F-or purposes of this Section, the following benefits shall not be taken into account M in applying these limits: t A. Anv 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 thereunder; but c a c C. in no event shall a Member's benefit payable under the Plan in any calendar 0 y year be greater than the limit applicable at the annuity starting date, as C increased in subsequent years pursuant to Code Section 415( d) and the 0 CL regulations thereunder. U. U- 0 U_ nless otherwise specified in the Plan, for purposes of applying the limits under Code C 0 Section 415(