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held under plans qualified under section 401(a) of the code . <br />individual retirement accounts that are exempt under section 408( e) <br />of the code eligible governmental plans that meet the requirements <br />of section 457(b) of the code and governmental plans under <br />401(a)(24) of the code For this purpose a trust includes a <br />custodial account that is treated as a trust under section 401(fl or <br />under section 457(a)(31 of the code. While any portion of the <br />assets of the fund are invested in such a group trust, such group trust <br />is itself adopted as a part of the system or plan. <br />SECTION III: That Chapter 62, Pensions and Retirement, Article 1, Police <br />Officers' and Firefighters' Pension Plan, of the Code of Ordinances of the City of <br />Casselberry, is hereby amended by amending Section 62 -2015, Maximum Pension, to <br />read as follows: <br />Sec. 62 -2015. Maximum pension. <br />(a) Basic limitation. Notwithstanding any other provisions of this System to the <br />contrary, the member contributions paid to, and retirement benefits paid from the System <br />shall be limited to such extent as may be necessary to conform to the requirements of <br />Code Section 415 for a qualified retirement plan. Before January 1, 1995, a plan <br />member may not receive an annual benefit that exceeds the limits specified in Code <br />Section 415(b), subject to the applicable adjustments in that section. On and after <br />January 1, 1995, a plan member may not receive an annual benefit that exceeds the <br />dollar amount specified in Code Section 415(b)(1)(A) ($160,000), subject to the <br />applicable adjustments in Code Section 415(b) and subject to any additional limits that <br />may be specified in this System. For purposes of this section, "limitation year" shall be <br />the calendar year. <br />Ordinance 13 -1394 <br />Page 4 <br />