For plan years beginning on or after January 1, 1989, and before July 1, 1996, the
annual compensation of each participant taken into account for determining all benefits
provided under the plan for any determination period shall not include any amounts
in excess of the annual compensation limit (originally $200,000.00) provided for in
IRC § 401(a)(17) prior to Omnibus Budget Reconciliation Act of 1993 ("OBRA '93") and
adjusted for inflation in the manner provided by IRC § 401(a)(17). For plan years
beginning on or after July 1, 1996, the annual compensation of each employee taken
into account shall not exceed the annual compensation limit provided for in IRC §
401(a)(17), as amended by the Omnibus Budget Reconciliation Act of 1993 ("OBRA '93")
($200,000 in 2002). This limit may be adjusted as required by federal law for qualified
government plans and shall be further adjusted for inflation in the manner provided
by IRC § 401(a)(17). Annual compensation means compensation during the plan year or
such other consecutive 12-month period over which compensation is otherwise determined
under the plan. The cost-of-living adjustment in effect for a calendar year applies
to annual compensation for the determination period that begins with or within such
calendar year.
(Ord. No. 2002-8, § 5, 5-20-02)
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