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For purposes of Code Section 415(b). the "annual benefit" means a benefit <br />payable annually in the form of a straight life annuity (with no ancillary benefits l without <br />regard to the benefit attributable to after -tax employee contributions (except pursuant to <br />Code Section 415(n) and to rollover contributions (as defined in Code Section <br />415(b)(2)(A)). The "benefit attributable" shall be determined in accordance with <br />Treasury Regulations. <br />(b) Adjustments to Basic Limitation for Form of Benefit. if the form of benefit <br />without regard te any benefit inerease feature is not a straight life annuity, then the Gede <br />Seetion 415(b) Hmit applicable at the annuity stafting date is redueed to an aetuarially <br />equivalent arneunt (determined using the assumptions spedfied in Treasury Regul <br />SeGtien 1. 41 5(b) 1 (G)(2)(ii)) that takes into aGGeunt the death benefits UndeF the for <br />benefit. If the benefit under the plan is other than the annual benefit described in <br />subsection (a), then the benefit shall be adjusted so that it is the equivalent of the annual <br />benefit, using factors prescribed in Treasury Regulations. If the form of the benefit <br />without regard to any automatic benefit increase feature is not a straight life annuity or a <br />qualified joint and survivor annuity, then the preceding sentence is applied by either <br />reducing the Code Section 415(b) limit applicable at the annuity starting date or adiustina <br />the form of benefit to an actuarially equivalent amount (determined using the assumptions <br />specified in Treasury Regulation Section 1.415(b)- 1(c)(2)(HD that takes into account the <br />additional benefits under the form of benefit as follows: <br />1 <br />'For a benefit paid in a form to which section 417(e)(3) of the code does not <br />apply (generally, a monthly benefit), the actuarially equivalent straight life <br />annuity benefit that is the greater of: <br />a. The annual amount of the straight life annuity (if any) payable to the <br />member under the plan commencing at the same annuity starting <br />date as the form of benefit to the member or <br />Ordinance 13 -1394 <br />Page 5 <br />