Benefit limitations.
San José Municipal Code § 3.32.015
in effect3.32.015 - Benefit limitations.
A. Notwithstanding any other law, except as provided in subsection D. below, the benefits payable to any person who becomes a member of this plan on or after January 1, 1990, shall be subject to the limitations set forth in Section 415 of the Internal Revenue Code as applied (other than paragraph (2)(G)) without regard to paragraph (2)(F) of said Section 415.
B. Notwithstanding any other law, except as provided in subsection D. below, the benefits payable to any person who became a member of this plan prior to 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:
1. The limitations set forth in Section 415 of the Internal Revenue Code; or
2. The accrued benefit of the member without regard to any benefit increases pursuant to any amendment of this plan adopted after October 14, 1987.
C. For purposes of the application of Section 415(b) of the Internal Revenue Code, actuarial equivalences shall be based on a five percent interest rate and the 1983 Group Annuity Table for Males, with margin, with a two-year setback.
D. Notwithstanding subsections A. and B. above, in the event Section 415 of the Internal Revenue Code is repealed, amended or qualified, by statute or otherwise, to permit all or any members of this plan or such members' beneficiaries to receive benefits that are not subject to the limitations set forth in Section 415, then immediately thereupon, such benefits shall be paid to such members or their beneficiaries.
(Ords. 23284, 23316.)
Source: City of San José, Municipal Code (Municode Library, library.municode.com)URL: https://library.municode.com/ca/san_jose/codes/code_of_ordinances?nodeId=TIT3PE_IIREPL_CH3.32POFIDEREPL_3.32.015BELIFetched: 11/1/2026