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(1) Any ancillary benefit which is not directly related to retirement income <br />benefits; <br />(2) Any other benefit not required under §415(b)(2) of the Code and <br />Regulations thereunder to be taken into account for purposes of the <br />'limitation of Code Section 415(b)(1): and <br />3 That portion of any joint and survivor annuity that constitutes a qualified ioint <br />and survivor annuity. <br />(d) COLA Effect. Effective on and after January 1, 2003, for purposes of <br />applying the limits under Code Section 415(b) (the "Limit "), the following will apply: <br />(1) A member's applicable limit will be applied to the member's annual benefit <br />in the member's first Galenda limitation year of benefit payments without <br />regard to any automatic cost of living adjustments; <br />(2) thereafter, in any subsequent Ealendar limitation year, a member's annual <br />benefit, including any automatic cost of living increases, shall be tested <br />under the then applicable benefit limit including any adjustment to the Code <br />Section 415(b)(1)(A) dollar limit under Code Section 415(d), and the <br />regulations thereunder; but <br />(3) in no event shall a member's benefit payable under the System in any <br />calendar limitation year be greater than the limit applicable at the annuity <br />starting date, as increased in subsequent years pursuant to Code Section <br />415(d) and the regulations thereunder. <br />Unless otherwise specified in the system, for purposes of applying the limits <br />under Code Section 415(b), a Member's applicable limit will be applied taking into <br />consideration cost of living increases as required by Section 415(b) of the Internal <br />Revenue Code and applicable Treasury Regulations. <br />(e) Other Adjustments in Limitations. <br />Ordinance 13 -1394 <br />Page 8 <br />