§88-83.5 Benefit limitations. (a) Notwithstanding any other law to the contrary, the benefits payable to all employees who first become members on or after January 1, 1990, shall be subject to the limitations set forth in section 415 of the Internal Revenue Code of 1986, as amended, applicable to governmental plans. The dollar limit in section 415(b)(1)(A) of the Internal Revenue Code of 1986, as amended, shall be adjusted automatically under section 415(d) of the Internal Revenue Code of 1986, as amended, effective January 1 of each year, as published in the Internal Revenue Bulletin. The automatic adjustment shall apply to members, former employees with vested benefit status, and retirants. To the extent the applicable interest rate, as defined in section 417(e)(3) of the Internal Revenue Code of 1986, as amended, is used in computing the limitations under section 415 of the Internal Revenue Code of 1986, as amended, the stability period for the purposes of applying section 1.417(e)-1(d)(4) of the United States Treasury Regulations shall be one calendar year beginning January 1, and the lookback month for the purposes of applying section 1.417(e)-1(d)(4) of the United States Treasury Regulations shall be the fourth full calendar month preceding the first day of the stability period (September).
(b) Effective January 1, 2009, the following rules shall apply for the purposes of applying the limitations in section 415(b) of the Internal Revenue Code of 1986, as amended:
(c) Notwithstanding any other law to the contrary, the benefits payable to all employees who first became members before January 1, 1990, shall be subject to the greater of the following limitations as provided in section 415(b)(10) of the Internal Revenue Code of 1986, as amended:
(d) The system shall establish a benefit restoration plan for the payment of retirement benefits as permitted under section 415(m) of the Internal Revenue Code of 1986, as amended, as follows: