45-37-123.131
Section 45-37-123.131 Maximum annual benefit. (a) Notwithstanding the foregoing and subject
to the exceptions and adjustments below, effective for limitation years ending after December
31, 2001, the annual benefit otherwise payable to a member under the plan at any time shall
not exceed the maximum annual benefit, and if the benefit a member would otherwise accrue
in a limitation year would produce an annual benefit in excess of the maximum annual benefit,
the benefit shall be limited, or the rate of accrual reduced, to a benefit that does not exceed
the maximum annual benefit. The maximum annual benefit payable to a member under the plan
in any limitation year shall equal the defined benefit dollar limitation. The defined benefit
dollar limitation is one hundred sixty thousand dollars ($160,000), as adjusted, effective
January 1 of each year, under § 415(d), Internal Revenue Code, in such manner as the secretary
shall prescribe, and payable in the form of a straight life annuity....
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45-8A-22.118
Section 45-8A-22.118 Maximum benefits; limitations; adjustments. (a) Annual Benefit and Final
Regulations Under Internal Revenue Code Section 415. (1) Annual Benefit. For purposes of this
section, "annual benefit" means the benefit payable annually under the terms of
the plan, exclusive of any benefit not required to be considered for purposes of applying
the limitations of Internal Revenue Code Section 415 to the plan, in the form of a straight
life annuity with no ancillary benefits. If the benefit is payable in any other form, the
annual benefit shall be adjusted to the equivalent of a straight life annuity pursuant to
subsection (c). (2) Final Regulations Under Internal Revenue Code Section 415. Notwithstanding
anything in this section to the contrary, the following provisions apply beginning on or after
January 1, 1976, except as otherwise provided in this section. a. Incorporation by Reference.
The limitations, adjustments, and other requirements prescribed in the plan shall...
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45-37-123.132
Section 45-37-123.132 Adjustments to annual benefit and limitations. (a) Adjustment if fewer
than 10 years. Effective for limitation years ending after December 31, 2001, if a member
has fewer than 10 years of participation in the plan, then the defined benefit dollar limitation
of Section 45-37-123.131(a) shall be multiplied by a fraction, the numerator of which is the
number of years, or part thereof, of participation in the plan, and the denominator of which
is 10. However, in no event shall such fraction be less than one-tenth. Notwithstanding the
foregoing, no adjustment shall be made to the defined benefit dollar limitation for a distribution
on account of a member becoming disabled by reason of personal injuries or sickness, or as
a result of the death of a member. For purposes of this subsection, a year of participation
means each accrual computation period for which the following conditions are met: The member
is credited with a period of service for benefit accrual purposes,...
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45-37-123.133
Section 45-37-123.133 Annual benefit not in excess of $10,000. (a) The plan may pay an annual
benefit to any member in excess of the member's maximum annual benefit if the annual benefit
derived from employer contributions under the plan and all other defined benefit plans maintained
by the county does not in the aggregate exceed ten thousand dollars ($10,000) for the limitation
year or for any prior limitation year and the county has not at any time maintained a defined
contribution plan, a welfare benefit fund under which amounts attributable to postretirement
medical benefits are allocated to separate accounts of key employees, as defined in § 419(A)(d)(3),
Internal Revenue Code, or an individual medical account in which the member participated.
For purposes of this section, if the plan provides for voluntary or mandatory employee contributions,
such contributions shall not be considered a separate defined contribution plan maintained
by the county. (b) However, if a member has...
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45-37-123.130
Section 45-37-123.130 Annual benefit and final regulations under §415, Internal Revenue Code.
(a) Annual benefit. For purposes of this subpart annual benefit means the benefit payable
annually under the terms of the plan, exclusive of any benefit not required to be considered
for purposes of applying the limitations of §415, Internal Revenue Code, to the plan, payable
in the form of a straight life annuity with no ancillary benefits. If the benefit is payable
in any other form, the annual benefit shall be adjusted to the equivalent of a straight life
annuity pursuant to Section 45-37-123.132(c). (b) Final regulations under §415, Internal
Revenue Code. Notwithstanding anything in this subpart to the contrary, the following provisions
apply beginning on or after January 1, 1976, except as otherwise provided in this subpart.
(1) INCORPORATION BY REFERENCE. The limitations, adjustments, and other requirements prescribed
in the plan shall comply with the provisions of §415, Internal...
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45-37A-51.221
Section 45-37A-51.221 Minimum and maximum normal retirement benefit. (a) The minimum retirement
benefit payable under Section 45-37A-51.220 shall be four hundred dollars ($400) per month.
The maximum normal retirement benefit payable under Section 45-37A-51.220 shall be 75 percent
of final average salary, exclusive of sick leave bonus. Notwithstanding the foregoing and
to the extent applicable to governmental plans as defined in § 414(d), Internal Revenue Code,
in no event may the normal retirement benefit exceed the annual dollar limits imposed by §
415(b), Internal Revenue Code, excluding contributions under § 414(h)(2), Internal Revenue
Code. Further, no post severance compensation shall be included for any benefit hereunder.
Post severance compensation means amounts paid by the later of: (1) Two and one-half months
after an employee's severance from employment with the employer, or (2) the end of the limitation
year that includes the date of severance from employment with the...
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45-37-123.100
Section 45-37-123.100 Retirement benefits. (a) Superannuation retirement benefit. (1) ELIGIBILITY.
A member shall be eligible for a superannuation retirement benefit if: a. The member has 30
or more years of paid membership time, regardless of age; b. The member has 10 or more years
of paid membership time and has attained the age of 60; or c. The member has 30 years of service,
20 years of which are paid membership time, and has attained the age of 55. (2) CALCULATION
OF BENEFIT. If a member meets the foregoing eligibility criteria, then the member shall be
eligible to retire and receive a monthly benefit for the remainder of his or her life to be
determined by the following formula: a. Two and one-half percent multiplied by the basic average
salary multiplied by the number of years of paid membership time; plus b. Five-eights of one
percent multiplied by the basic average salary multiplied by the number of years of unpaid
membership time, if applicable. (3) SEVENTY-FIVE PERCENT...
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45-49A-63.172
Section 45-49A-63.172 Limitation concerning highly compensated employees or highly compensated
former employees. (a) This section shall apply (i) in the event the plan is terminated, to
any member who is a highly compensated employee of the city and (ii) in any other event, to
any member who is one of the 25 highly compensated employees of the city with the greatest
compensation in any plan year. The amount of the annual payments to any one of the members
to whom this section applies shall not be greater than an amount equal to the annual payments
that would be made on behalf of the member during the year under a single life annuity that
is of equivalent actuarial value to the member's benefit. (b) If, (i) after payment of the
benefit to any one of the members to whom this section applies, the value of plan assets equals
or exceeds 110 percent of the value of current liabilities, as that term is defined in Section
412(1)(7) of the code, of the plan, (ii) the value of the benefit of any...
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45-37A-51.09
Section 45-37A-51.09 Compensation limits; forfeitures; required minimum. (a) Compensation in
excess of one hundred sixty thousand dollars ($160,000), or such other amount provided in
the Internal Revenue Code of 1986, as amended, shall be disregarded. Such amount shall be
adjusted for increases in the cost-of-living in accordance with Section 401(a)(17)(B), except
that the dollar increase in effect on January 1 of any calendar year shall be effective for
the fiscal years beginning with or within such calendar year. If compensation for any prior
determination period is taken into account in determining a participant member's benefits
for the current fiscal year, the compensation for such prior determination period is subject
to the applicable annual compensation limit in effect for that prior period. (b) Notwithstanding
the foregoing and to the extent applicable to governmental plans as such are defined in Section
414(d) of the Internal Revenue Code of 1986, as amended, in no event may...
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45-37-123.106
Section 45-37-123.106 Minimum distribution requirements. (a) General rules. (1) EFFECTIVE DATE.
Except as otherwise provided herein, the provisions of this section shall apply for purposes
of determining required minimum distributions for calendar years beginning on and after January
1, 1987. (2) REQUIREMENTS OF TREASURY REGULATIONS INCORPORATED. All distributions required
under this section shall be determined and made in accordance with § 401(a)(9), Internal
Revenue Code, including the incidental death benefit requirement in § 401(a)(9)(G), and the
regulations thereunder. (3) PRECEDENCE. Subject to the joint and survivor annuity requirements
of the plan, the requirements of this section shall take precedence over any inconsistent
provisions of the plan. (b) Time and manner of distribution. (1) REQUIRED BEGINNING DATE.
The member's entire interest shall be distributed, or begin to be distributed, to the member
no later than the member's required beginning date. (2) DEATH OF MEMBER...
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