Same—Limits set forth in Section 415 of the Internal Revenue Code

(a)

Firefighters and police officers who are eligible to join the City Pension Fund for Firefighters and Police Officers in the city on or after January 1, 1990, until and including September 30, 1991, shall, as a condition of membership in the City Pension Fund for Firefighters and Police Officers in the city, sign a supplemental contract with the city, which supplemental contract shall provide:

THIS AGREEMENT made and entered into this _____ day of _______, A.D. 19___, between the City of Tampa, a municipal corporation of the State of Florida, hereinafter referred to as the City, party of the first part, and ___________, hereinafter described as member, party of the second part, supplementing and amending the Pension Contract, as amended, between the parties made and entered into on the _____ day of _______, 19___, by adding thereto the following provisions:

SECTION 2.(G) To the extent that the City of Tampa provides for the payment of benefits otherwise payable by the City Pension Fund for Firefighters and Police Officers in the City of Tampa but for the limits in Section 415 of the Internal Revenue Code, then there shall be a reduction in the amount of the City's contributions otherwise payable to the City Pension Fund for Firefighters and Police Officers in the City of Tampa by an amount equivalent to the amount of benefits provided for by the City of Tampa; provided, however, such amounts shall be included in the calculation of the City's contributions to the City Pension Fund for Firefighters and Police Officers in the City of Tampa pursuant to Section 2(B) of the City of Tampa Firefighters and Police Officers Pension Contract.

SECTION 24 .(A) In the event that the provisions of the federal Internal Revenue Code operate to limit the benefit amount that the member or the member's survivors would otherwise be eligible to receive pursuant to the City of Tampa Firefighters and Police Officers Pension Contract, then the member or the member's survivors shall not receive from the City Pension Fund for Firefighters and Police Officers in the City of Tampa retirement benefits in an amount in excess of the limits provided by the federal Internal Revenue Code or in an amount that would cause the City Pension Fund for Firefighters and Police Officers in the City of Tampa to lose its federal income tax exempt status.

(B) In order to maintain the tax exempt status of the City Pension Fund for Firefighters and Police Officers in the City of Tampa, said pension fund shall not be required to pay benefits in excess of the appropriate limits established by Section 415 of the Internal Revenue Code (26 USC Section 415), nor shall said pension fund be required to pay any benefits which would jeopardize its tax exempt status.

(C) Should the benefits otherwise payable pursuant to the City of Tampa Firefighters and Police Officers Pension Contract by the City Pension Fund for Firefighters and Police Officers in the City of Tampa be limited pursuant to Section 415 of the Internal Revenue Code, then the City of Tampa shall provide for payment of those benefits in excess of the limits in Section 415 of the Internal Revenue Code.

(b)

The mayor and the city clerk are hereby authorized to execute contracts in the form set forth in this section.

(Ord. No. 89-314, § 1(28-20), 12-21-89)