Source: https://www.revisor.mn.gov/statutes/2008/cite/356.611/subd/356.611.3a
Timestamp: 2020-08-11 04:49:38
Document Index: 565139916

Matched Legal Cases: ['art 4', 'art 1', 'art 11', 'art 2', 'art 10', 'art 1', 'art 2', 'art 5']

A member's annual benefit, if necessary, must be reduced to the extent required by section 415(b) of the Internal Revenue Code, as adjusted by the United States secretary of the treasury under section 415(d) of the Internal Revenue Code. For purposes of section 415 of the Internal Revenue Code, the limitation year of a pension plan covered by this section must be the fiscal year or calendar year of that plan, whichever is applicable. The accrued benefit limitation described in section 415(e) of the Internal Revenue Code must cease to be effective for limitation years beginning after December 31, 1999.
(a) For purposes of this section, compensation means a member's compensation actually paid or made available for any limitation year determined as provided by treasury regulation section 1.415-2(d)(10).
(1) any elective deferral as defined in section 402(g)(3) of the Internal Revenue Code;
(2) any elective amounts that are not includable in a member's gross income by reason of sections 125 or 457 of the Internal Revenue Code; and
(3) any elective amounts that are not includable in a member's gross income by reason of section 132(f)(4) of the Internal Revenue Code.
1994 c 528 art 4 s 11; 1995 c 262 art 1 s 15; 2002 c 392 art 11 s 43; 2004 c 267 art 2 s 6-8; art 10 s 1; 1Sp2005 c 8 art 1 s 23; 2007 c 13 art 2 s 17; 2008 c 349 art 5 s 33,34,37