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that are not includible in the gross income of the Employee by reason of Code §132(0(4) for Limitation Years beginning on or after January 1, 2001. (c) For limitation years beginning on or after July 1, 2007, compensation for a limitation year shall also include compensation paid by f' the later of 2 '/a months after an employee's severance from employment with the employer maintaining the plan or the end of the limitation year that includes the date of the employee's severance from employment with the employer maintaining the plan, if the payment is regular compensation for services during the employee's regular working hours, or compensation for services outside the employee's regular working hours (such as overtime or i; shift differential), commissions, bonuses, or other similar payments, and, 1 absent a severance from employment, the payments would have been paid to k the employee while the employee continued in employment with the t employer. t "Compensation" means the Code §3401 Compensation that is actually paid in gross income during the calendar month (or, for a month which began on or after January 1, 1992, actually paid or made available). The term Code §3401 Compensation means wages within the meaning of Code §3401(a) that are actually paid or made available in gross income for the purposes of income tax withholding at the source but determined without regard to any rules under Code §3401 that limit the remuneration included in wages based on the nature or location of the employment or the services performed. (a) Partial Month Compensation: If a member is employed for less than a full F calendar month used for determining compensation or average , compensation, compensation for such partial month shall be counted P (without annualizing). (b) Elective Deferrals and Certain Other Amounts: Effective for the plan year beginning January 1, 2013, except for purposes of Code §415 Compensation, employer contribution amounts made pursuant to a salary reduction agreement which were not currently includible in an member's gross income by reason of Code §125, Code §402(g), Code §403(b) and I Code §457 will be included in determining compensation for all plan 1 years. Employee contributions to the police and firefighters' retirement fund treated as employer contributions under Section 2.62.300 included in determining compensation for all plan years. Compensation will also include elective amounts that are not includible in the gross income of the Employee by reason of Code §132(0(4) for Limitation Years beginning on or after January 1, 2001. i i (c) Code §401(a)(17) Annual Compensation Limit: In determining average 1` compensation and accrued benefits for any plan year which begins on or after January 1, 1996, the annual compensation for each participant which is taken into account shall not exceed $160,000, as adjusted for cost-of- i Restated Police Pension Plan— City of University City Page 5 fff t i