Laserfiche WebLink
1 <br /> simplified employee pension as defined in Code §408(k) maintained by <br /> 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 maintains, or at any time <br /> maintained, one or more qualified defined contribution plans <br /> covering any member in this plan, a welfare benefit fund <br /> maintained by the employer (as defined in Code §419(e)) under <br />