6926 - Laserfiche WebLink

Home Browse Search

8. Projected Annual Benefit: The term projected annual benefit means the annual benefit to which the member would be entitled assuming (1) the member will continue employment until normal retirement age (or current age, if later), and (2) the member's compensation for the current limitation year and all other relevant factors used to determine benefits will remain constant for all future limitation years. 9. TRA '86 Accrued Benefit: The term TRA '86 accrued benefit means a member's accrued benefit determined as if he had separated from service as of the close of the last limitation year beginning before January 1, 1987, when expressed as an annual benefit within the meaning of Code §415(b)(2). In determining a Member's TRA '86 accrued benefit, the following will be disregarded: any change in the terms and conditions of the plan after May 5, 1986; and any cost of living adjustments occurring after May 5, 1986. 10. Year of Participation: A member will be credited with a year of participation (computed to fractional parts of a year) for each accrual computation period in which the following conditions are met: (I) the member is credited with at least the number of hours of service (or period of service if the elapsed time method is used) for benefit accrual purposes, required under the plan to accrue a benefit for the accrual computation period, and (2) the member is included as a member under the eligibility provisions of the plan for at least one day of the accrual computation period. If these two conditions are met, the portion of a year of participation credited to the member will equal the amount of benefit accrual service credited to the member for such accrual computation period. A member who is permanently and totally disabled within the meaning of Code §415(c)(3)(C)(i) for an accrual computation period will receive a year of participation with respect to that period. In addition, for a member to receive a year of participation (or part thereof) for an accrual computation period, the plan must be established no later that the last day of such computation period. In no event will more than one year of participation be credited for any 12-month period. E. Effective for limitation years beginning on or after July 1, 2007, the provisions of Code §415 and the Treasury Regulations issued thereunder as applicable to governmental retirement plans are incorporated by reference. Restated Nonuniformed Pension Plan—City of University City Page 27