§ 22-339. Limitation on annual benefits.  


Latest version.
  • (a)

    Notwithstanding any other section of this chapter, the annual benefit under the Richmond Retirement System of any member and any related death or other benefit shall, if necessary, be reduced to the extent required by Section 415(b) of the Internal Revenue Code, as adjusted by the Secretary of the Treasury pursuant to Section 415(d) of the Internal Revenue Code.

    (b)

    Notwithstanding any other section of this chapter, for plan years beginning before January 1, 2000, if a member participates in both the system and a qualified defined contribution plan maintained by any participating employer, the annual benefits under the Richmond Retirement System and the annual additions to any qualified defined contribution plan maintained by any participating employer shall not exceed the combined limit test described in Section 415(e) of the Internal Revenue Code. If necessary, the annual additions under the qualified defined contribution plan shall be reduced before benefits under the system are reduced in order to comply with such combined limit test.

    (Code 1993, § 23.1-64; Code 2004, § 78-372)

(Code 1993, § 23.1-64; Code 2004, § 78-372)