Memphis Code of Ordinances § 4-34-1 Definitions.
Sec. 4-34-1. - Definitions.
Accrued benefit means a monthly benefit accrued as of the annuity commencement date for a participant, payable semimonthly, equal to the actuarial equivalence of the sum of (i) the participant's cash balance account, (ii) the participant's defined contribution plan account, and (iii) any rollover account of the participant under section 4-34-52 hereof.
Actuarial equivalence means equality in value of the aggregate amounts expected to be received under different forms of annuity payment based upon interest at five percent per annum compounded annually and the applicable mortality table as prescribed by the Secretary of Treasury pursuant to section 417(e)(3)(B) of the Internal Revenue Code of the plan year including the annuity commencement date of the participant.
Cash balance account means a hypothetical participant account which shall be credited with the participant's employee cash balance plan contributions under section 4-34-11, the city cash balance plan allocations under section 4-34-12, and the interest credits under section 4-34-14.
Defined contribution plan account means a participant account as set forth in section 4-34-25.
Normal form of benefit means the normal form of benefit for a non-married participant is a level single life annuity. The normal form of benefit of a married participant is a level 75 percent joint and survivor benefit.
2016 plan means the cash balance plan and defined contribution plan established hereunder.
(Ord. No. 5573, § III, 12-16-2014)