§ 1:277. Benefit provided.

A.

An excess benefit participant who is receiving benefits from the pension plan or the police guarantee trust is entitled to a monthly benefit under this excess benefit plan in an amount equal to the lesser of:

1.

The member's unrestricted benefit less the maximum benefit; or

2.

The amount by which the member's monthly benefit from the pension plan or the police guarantee trust has been reduced because of the limitations of section 1:272.

B.

A retirement benefit payable under this excess benefit plan shall be paid in the form and at the time it would have been paid as a monthly pension under the pension plan or the police guarantee trust except for the limitations under section 1:272 and section 415 of the Code. Each optional benefit form permitted under this excess benefit plan shall be the actuarial equivalent of each other permitted benefit form.

C.

This plan shall be administered by the board. Except as provided to the contrary by this subpart, the rights, duties, and responsibilities of the board shall be the same for this excess benefit plan as for the pension plan set forth in subpart 2.

D.

The actuary employed by the board is responsible for determining the amount of benefits that may not be provided under the pension plan or the police guarantee trust solely because of the limitations of section 1:272 and section 415 of the Code and thus the amount of contributions that will be made to this excess benefit plan rather than to the pension plan.

E.

The actuaries and legal advisors described in section 1:253.D shall also provide advice to the board for this excess benefit plan.

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