§ 24-7-733 - Limitation on benefits. - Arkansas Statutes

24-7-733. Limitation on benefits.

(a) (1) Notwithstanding the provisions of this subchapter, benefits paid under the Arkansas Teacher Retirement System shall not exceed the limitations of section 415 of the Internal Revenue Code that are applicable to governmental retirement plans, including without limitation the dollar limitations in section 415(b)(1)(A) of the Internal Revenue Code.

(2) The annual benefits, as may be increased in subsequent years, that are paid to retirants by the system shall not exceed the limitations under section 415(b) of the Internal Revenue Code applicable to the annuity effective date under section 415(d) of the Internal Revenue Code.

(b) For purposes of determining compliance with section 415 of the Internal Revenue Code, "compensation" is defined as set forth in United States Treasury Regulation 1.415-2(d)(2), as it existed on January 1, 2009.