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6925
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Last modified
2/7/2022 5:19:29 PM
Creation date
8/27/2015 10:21:53 AM
Metadata
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Template:
City Ordinances
Passed
9/9/2013
Ordinance Number
6925
Bill Number
9194
Introdate
8/12/2013
Description
Change in uniform pension plan
Introduced By
Councilmember Crow
Year
2015
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the employer, that provides an annual addition, this Section is also <br /> applicable to that member's benefits. <br /> 1. Maximum Benefit: The annual benefit otherwise payable to a <br /> member at any time will not exceed the maximum permissible <br /> amount. If the benefit the member would otherwise accrue in a <br /> limitation year would produce an annual benefit in excess of the <br /> maximum permissible amount, the rate of accrual will be reduced <br /> so that the annual benefit is equal to the maximum permissible <br /> amount. The maximum permissible amount for a member who has <br /> not attained normal retirement age shall be applied to the actuarial <br /> equivalent of the member's accrued benefit otherwise payable <br /> under the plan at normal retirement age, based on the member's <br /> applicable completed years of benefit service to date. <br /> 2. Treatment Of Employee Contributions: If a member makes <br /> voluntary employee contributions, or mandatory contributions as <br /> defined in Code §411(c)(2)(C), under the terms of this plan, the <br /> amount of such contributions is treated as an annual addition to a <br /> qualified defined contribution plan for purposes of Sections <br /> 2.62.480.A.1 and 2.62.480.B.2. <br /> B. This Section applies if any member is covered, or has ever been covered, <br /> by another plan maintained by the employer, including a qualified <br /> retirement plan, a welfare benefit fund, a welfare benefit fund maintained <br /> by the employer (as defined in Code §419(e)) under which amounts <br /> attributable to post-retirement medical benefits are allocated to separate <br /> accounts of key employees (as defined in Code §419(A)(d)(3)), an <br /> individual medical account, or a simplified employee pension that <br /> provides an annual addition. <br /> 1. More Than One Defined Benefit Plan: If a member is, or has ever <br /> been, covered under more than one employer maintained defined <br /> benefit plan, the sum of the member's annual benefits from all such <br /> defined benefit plans may not exceed the maximum permissible <br /> amount. A member's benefits in this plan shall be limited to an <br /> amount whereby the member's employer-provided benefits under <br /> all defined benefit plans ever maintained by the employer <br /> (determined as of the same age) do not exceed the maximum <br /> permissible amount applicable at that age. <br /> 2. Multiple Plan Fraction: For limitation years beginning before <br /> January 1, 2000, if the employer at any time maintained one or <br /> more qualified defined contribution plans covering any member in <br /> this plan, a welfare benefit fund maintained by the employer (as <br /> defined in Code §419(e)) under which amounts attributable to <br /> post-retirement medical benefits are allocated to separate accounts , <br /> Restated Police Pension Plan—City of University City Page 19 <br />
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