§ 1:276. Definitions.

A.

All definitions prescribed in subpart 1 of this part are applicable to the plan created pursuant to this subpart unless a different definition is set forth in this subpart, or the context in which a term is used in this subpart indicates a different meaning than that prescribed in subpart 1.

B.

Maximum benefit shall mean the retirement benefit a member is entitled to receive from the pension plan set forth in subpart 2 or the police guarantee trust set forth in subpart 4 in any month after giving effect to section 1:272 and any similar provisions of any other qualified plan or plans maintained by the employer and designed to conform to section 401 of the Code.

C.

Excess benefit participant shall mean any member whose retirement benefit as determined on the basis of all qualified plans without regard to the limitations of section 1:272 and comparable provisions of other qualified plans of the employer would exceed the maximum benefit permitted under section 415 of the Code.

D.

Unrestricted benefit shall mean the monthly retirement benefit a member, or the spouse, child, or single dependent parent of a member, would have received under the terms of all qualified plans of the employer, except for the restrictions of section 1:272 and any similar provisions of any other qualified plans designed to conform to Section 415 of the Code.

(Ord. No. 10779, § 1, 12-11-96; Ord. No. 15062, § 1, 12-8-10; Ord. No. 16039, § 1, 8-12-15)