§ 6-95. Limitation on monthly earnings.

For the period from January 1, 1996 to December 31, 2001, the annual compensation of each officer and employee taken into account for determining all benefits provided under this Act, 1927 Ga. Laws, page 265, as amended, for any year shall not exceed $150,000.00, as adjusted for the cost of living in accordance with Section 401(a)(17)(B) of the U.S. Internal Revenue Code (the "Code"). For years beginning on and after January 1, 2002, the annual compensation of each officer and employee taken into account for determining all benefits provided under this Act for any year shall not exceed $200,000.00, as adjusted for the cost of living in accordance with Code Section 401(a)(17)(B).

If compensation for any prior year is taken into account in determining the benefits of an officer or employee, the compensation for such prior year shall be subject to the applicable annual compensation limit in effect under Code Section 401(a)(17) for that prior year. Notwithstanding the foregoing, effective January 1, 2002, the limit on compensation taken into account with regard to years before January 1, 2002 shall be increased to $200,000.00, and the monthly benefit of officers and employees who have terminated employment, including officers and employees who have commenced receiving a benefit, shall be recalculated to reflect such increase.

The annual compensation of an officer or employee who commenced participation under this Act before January 1, 1996 shall not be limited by the terms of this section.

For the purposes of compliance with the requirements of Code Section 415, on or after January 1, 2009, the definition of "compensation" shall include differential wage payments within the meaning of Code Section 414(u)(12).

(Ord. No. 2004-84, § I(5), 11-16-04; Ord. No. 2004-87, § 5, 12-10-04; Ord. No. 2015-06(14-O-1633), § 2, 2-26-15 )

Note— Section 12 of Ord. No. 2004-87 provided for an effective date for this section of Jan. 1, 1996.