Title
Amending Title 22 of The Philadelphia Code, entitled "Public Employees Retirement Code," by amending Section 22-305 relating to maximum benefit limitations imposed by the Internal Revenue Code.
Body
THE COUNCIL OF THE CITY OF PHILADELPHIA HEREBY ORDAINS:
SECTION 1. Title 22 of The Philadelphia Code, entitled "Public Employees Retirement Code," is hereby amended as follows:
TITLE 22. PUBLIC EMPLOYEES RETIREMENT CODE
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CHAPTER 22-300. RETIREMENT BENEFITS
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ยง22-305. Maximum Benefit Limitations.
(1) General Limitation. Except as otherwise provided in this section, the annual retirement benefit payable to any member shall not exceed [$90,000] $160,000 or such other limit as may be the maximum permissible amount for the Retirement System year pursuant to Section 415[(d)](b) of the Tax Code.
(2) Adjustment of Limitations.
(a) To the extent the limitations set forth herein may be from time to time adjusted by statutes, regulations or other publications issued by the Internal Revenue Service or successor agency or department, such adjusted amounts shall be substituted for the amounts set forth in this section, provided that no such adjustment shall reduce a member's accrued benefit unless such adjustment is required to preserve the qualified status of the Retirement System. To the extent that the limitations under this section become unnecessary by amendment of law, the limitations shall be deemed inoperative under this Title.
(b) If a benefit is to be distributed in a form other than a single or straight life annuity or joint and survivor annuity (including any death benefit payable as a survivor's annuity), the actuarial equivalent (using an interest rate, however, not less than the greater of five percent (5%) or the valuation rate adopted by the Board upon recommendation by the Board's actuary) of a single life annuity of such benefit must satisfy the limitations set forth in this section. With res...
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