(40 ILCS 5/7-224)
Sec. 7-224.
Section 415 limitations.
Notwithstanding any other
provisions of this Article, the combined benefits and contributions provided to
any participating employee by all plans of any participating municipality and
its instrumentalities and any participating instrumentality shall not exceed
the limitations specified in Section 415(b), (c), and (e) of the Internal
Revenue Code of 1986. If a participating employee's benefits or contributions
under this Article, combined with those under any other plan of the
participating municipality and its instrumentalities or participating
instrumentality, would otherwise violate those limitations, the benefits and
contributions under the other plan shall be reduced, rather than the benefits
and contributions provided under this Article. To the extent that the other
plan fails to limit such benefits and contributions, that plan shall be
disqualified.
(Source: P.A. 91-887, eff. 7-6-00.)
|