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(1) In the event the Member's retirement benefits become payable before age <br />sixty -two (62), the limit prescribed by this section shall be reduced in <br />accordance with regulations issued by the Secretary of the Treasury <br />pursuant to the provisions of Code Section 415(b) of the Code, so that such <br />limit (as so reduced) equals an annual straight life benefit (when such <br />retirement income benefit begins) which is equivalent to a one hundred <br />sixty thousand dollar ($160,000) annual benefit beginning at age sixty -two <br />(62). <br />(2) In the event the member's benefit is based on at least fifteen (15) years of <br />Credited Service as a full -time employee of the fire or police department of <br />the City, the adjustments provided for in (e)(1) above shall not apply. <br />(3) The reductions provided for in (e)(1) above shall not be applicable to <br />disability benefits pursuant to Section 62 -2008, or pre- retirement death <br />benefits paid pursuant to Section 62 -2007. <br />(4) In the event the Member's retirement benefit becomes payable after age <br />sixty -five (65), for purposes of determining whether this benefit meets the <br />limit set forth in subsection (a) herein, such benefit shall be adjusted so that <br />it is actuarially equivalent to the benefit beginning at age sixty -five (65). <br />,This adjustment shall be made in accordance with regulations promulgated <br />by the Secretary of the Treasury or his delegate. <br />(f) Less than Ten (10) Years of Participation or Service. The maximum <br />retirement benefits payable under this section to any Member who has completed less <br />than ten (10) years of Credited Service with the City shall be the amount determined <br />under subsection (a) of this section multiplied by a fraction, the numerator of which is the <br />number of the member's years of Credited Service and the denominator of which is ten <br />(10) of the limit determined without reaard to this subsection. The reduction provided by <br />this subsection cannot reduce the maximum benefit below 10 %. The reduction provided <br />Ordinance 13 -1394 <br />Page 9 <br />