(a) Notwithstanding any other provisions of this chapter, the projected annual benefit provided by this chapter and the benefit from all other defined benefit plans required to be aggregated with the benefits from this system under the provisions of 26 U.S.C. § 415 may not increase to an amount in excess of the amount permitted under 26 U.S.C. § 415 at any time. In the event that any accrued benefit of a member exceeds the limitation of 26 U.S.C. § 415 for a limitation year, the system shall make any necessary remedial action to correct an excess accrued benefit. The provisions of 26 U.S.C. § 415, and the regulations adopted under that statute, as applied to qualified defined benefit plans of governmental employers are incorporated as part of the terms and conditions of the system. This subsection shall apply to any member of this system.
Terms Used In Alaska Statutes 22.25.023
action: includes any matter or proceeding in a court, civil or criminal. See Alaska Statutes 01.10.060
Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
member: means an administrative director of the Alaska Court System who is eligible to participate in the system, a justice, or a judge. See Alaska Statutes 22.25.900
Statute: A law passed by a legislature.
(b) In this subsection, for system fiscal years beginning on or after January 1, 1998, and for purposes of 26 U.S.C. § 415(b)(3) and the regulations adopted under that statute, “salary” includes any amount that is contributed by the employer under a salary reduction agreement and that is not includable in the member’s gross income under 26 U.S.C. § 125, 132(f)(4), 402(e)(3), 402(h), or 403(b) and is limited to compensation that is actually paid to a member during the determination period, which is the fiscal year of the system.
