Maximum Retirement Benefit. (a) The Annual Benefit otherwise payable to a Participant at any time will not exceed the Maximum Permissible Amount. If the benefit the Participant would otherwise accrue in a Limitation Year would produce an Annual Benefit in excess of the Maximum Permissible Amount, the rate of accrual will be reduced so that the Annual Benefit will equal the Maximum Permissible Amount. This limitation is deemed satisfied if the Annual Benefit payable to a Participant is not more than one thousand dollars ($1,000) multiplied by the Participant's number of years of Service or parts thereof (not to exceed then (10)) with the Employer and the Employer has not at any time maintained a defined contribution plan, a welfare benefit plan as defined in section 419(e) of the Code, or an individual medical account as defined in section 415(1)(2) of the Code maintained by the Employer, or a simplified Employee pension, as defined in section 408(k) of the Code, maintained by the Employer, in which such Participant participated.
Maximum Retirement Benefit. In the event the Public Employees’ Retirement Law is amended to allow such action, the County may elect to amend its contract with PERS to provide a maximum benefit of ninety percent (90%) of final compensation for employees hired on or after the effective date of the amendment.
Maximum Retirement Benefit. Notwithstanding any other provision of this Section 4.2, to the extent that the aggregate amount of Retirement Benefits payable to all Participants under this Section 4.2 (before any adjustment of the type described in Section 8 hereof) would exceed ten percent (10%) of the Disposition Proceeds, the Retirement Benefit payable to the Participant under this Section 4.2 (before any adjustment pursuant to Section 8) shall be decreased by the Participant's pro rata share (calculated according to the proportion that the Retirement Benefit payable, but for this Subsection (d), to the Participant under this Section 4.2 bears to the aggregate amount of Retirement Benefits payable to all Participants under this Section 4.2, in each case before any adjustment of the type described in Section 8 hereof) of such excess.
