§ 45-49A-63.65 — Maximum Benefit Limitation

Alabama § 45-49A-63.65

• Jurisdiction: Alabama
• Title 45: Local Laws
• Ch. 49A: Mobile County Municipalities
• Art. 6: Mobile
• Part 4: Policemen’s and Firemen’s Pension and Relief System
• Subpart 4: Eligibility for and Amount of Benefits

Text

Notwithstanding any provision of the plan to the contrary, the maximum annual benefit paid to a member shall not exceed the limitations imposed by Section 415 of the code and any regulations issued thereunder. The mortality table prescribed by the Secretary of the Treasury under Section 417(e)(3)(A)(ii)(I) of the code for the plan year in which the annuity starting date for the benefit occurs shall be used to the extent necessary to determine if the benefit exceeds the limitations imposed by Section 415 of the code. For purposes of this section, the limitation year shall be the plan year. To the extent this plan has to be combined with any other plan of the city, the State of Alabama, or any other employer for purposes of Section 415 of the code, any reductions in benefits required to comply with Section 415 of the code shall be made first in the benefits provided under this plan and second in the benefits provided under such other plans in the order specified in such other plans.

Legislative History

(Act 97-689, p. 1379, §5(4.06); Act 2001-518, p. 922, §1.)