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"Beneficiary" means any person in receipt of a benefit from the retirement system as a result of the death of a member or retiree. In the event an active member fails to designate a beneficiary, or the designated beneficiary predeceases the active member, the beneficiary of the active member shall be his or her surviving spouse; or, if no spouse survives the active member, his or her surviving children in equal shares; or, if no children survive the active member, his or her surviving parent or parents, in equal shares; or, if none of the foregoing individuals survives the active member, his or her estate. "Board of trustees" or "board" means and refers to the board of trustees of the police and firefighters' retirement fund established pursuant to Chapter 2.50. "Code" means the Internal Revenue Code of 1986, as amended, and the regulations and rulings promulgated thereunder by the Internal Revenue Service. "Code §415 Compensation" means, effective May 1, 2001, wages, salaries, differential wage payments under Code §3401(h), fees for professional services and other amounts received (without regard to whether or not an amount is paid in cash) for personal services actually rendered in the course of employment with the Employer maintaining the Plan, including, but not limited to, commissions paid salespersons, compensation for services based on a percentage of profits, #` commissions on insurance premiums, tips, bonuses, fringe benefits, and reimbursements, or other expense allowances under a non-accountable plan as described in IRS regulation §1.62-2(c). A Participant's Code §415 Compensation will be determined subject to the following provisions: (a) Code §415 Compensation does not include (1) employer £' contributions to a plan of deferred compensation which are not includible in gross income for the taxable year in which contributed, or employer contributions to a simplified employee pension plan to the extent such contributions are deductible by the Employee, or any distributions from a plan of deferred compensation; (2) amounts realized from a non-qualified stock option, or when restricted stock or property held by the employee either becomes freely transferable or is no longer subject to a substantial risk of forfeiture; (3) amounts realized from the sale, exchange or other disposition of stock acquired under a qualified stock option; and (4) other amounts which receive special tax benefits, or contributions made by an employer (whether or not under a salary reduction agreement) towards the purchase of an annuity described in Code §403(b) (whether or not the amounts are excludible from an employee's gross income). (b) For Limitation Years beginning on or after January 1, 1998, Code §415 Compensation will include any elective deferrals as defined in Code §402(g)(3), and any amounts contributed or deferred at the election of the Employee that were not includible in the gross income by reason of Code §125 or §457. Code §415 Compensation will also include elective amounts I Restated Police Pension Plan—City of University City Page 4