§ 6-97. Supplemental benefit arrangement.

(a)

Purpose. The purpose of this Supplemental Benefit Arrangement is to provide officers and employees participating under the provisions of this act, 1927 Ga. Laws, page 265, as amended, with the full amount of benefit intended under the act, without regard to the limitations imposed by section 415 of the U.S. Internal Revenue Code (the `Code').

(b)

Benefits. If the annual retirement benefit of an officer or employee under the act is reduced as a result of the limitations in Code section 415 (as described in sections 6-93 and 6-94) such officer or employee shall receive an amount from the Supplemental Benefit Arrangement equal to the difference between (i) the amount that would have been payable under the terms of the act without the application of Code section 415 and (ii) the amount payable under the terms of the act determined with the application of the limitations in Code section 415.

(c)

Elective Deferrals Not Permitted. Officers and employees shall not be permitted to defer compensation either directly or indirectly under the Supplemental Benefit Arrangement at any time.

(d)

Subfund. Notwithstanding any other provision of the Act, the benefits payable under this section shall be paid from the assets of a subfund established under the existing fund, provided that such subfund shall be maintained solely for the purpose of providing benefits under the Supplemental Benefit Arrangement. The assets of the fund (other than the subfund) shall not be used to pay benefits under this section.

(Ord. No. 2004-84, § I(7), 11-16-04; Ord. No. 2004-87, § 7, 12-10-04)

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