§ 16.61-2. ADOPTION OF INTERNAL REVENUE CODE SECTION 415 LIMITATIONS.

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(a) Notwithstanding any other provision of the Charter or Administrative Code to the contrary, the benefits payable by the Retirement System to any person who becomes a member of the Retirement System on or after January 1, 1990, shall be subject to the limitations set forth in Section 415 of the Internal Revenue Code.
(b) The benefits payable to any person who became a member of the Retirement System prior to January 1, 1990, shall be determined by the vested rights rule and shall be subject to the greater of the following limitations as provided in Section 415(b)(10) of the Internal Revenue Code:
(1) The limitations set forth in Section 415 of the Internal Revenue Code.
(2) The accrued benefit formula of a member under the Retirement System (determined without regard to any amendment to the benefit formula made after October 14, 1987).
(c) This subsection shall be operable only so long and to the extent necessary for the Retirement System to maintain qualified status under the Internal Revenue Code.
(Added by Ord. 349-89, App. 10/10/89)

                    
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