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I 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. "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 calendar month used for determining compensation or average compensation, compensation for such partial month shall be counted (without annualizing). (b) Elective Deferrals and Certain Other Amounts: 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(e)(3), Code §402(h)(1)(B) and Code §403(b) will be included in determining compensation for all plan 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. In addition, if elected by the administrator on a non-discriminatory basis, compensation will include elective amounts that are not includible in the gross income of the member by reason of Code §132(0(4). (c) Code §401(a)(17) Annual Compensation Limit: Except for purposes of determining the maximum 3-highest consecutive year average compensation under Code §415, in determining average compensation and accrued benefits for any plan year which begins on or after January 1, 2002, the annual compensation for each participant which is taken into account shall not exceed $200,000, as adjusted for cost-of-living increases in accordance with Code §401(a)(17)(B). The $200,000 limit on annual compensation shall be adjusted for cost-of-living increases in accordance with Code §401(a)(17)(B). The cost-of-living adjustment in effect for a