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- Alaska Statutes.
- Title 22. Judiciary
- Chapter 25. Retirement and Death Benefits
- Section 23. Limitation On Benefits; Maximum Annual Compensation.
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. Rollover Distributions and Rollover Contributions.
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. Administration; Federal Qualification Requirements.
AS 22.25.023. Limitation On Benefits; Maximum Annual Compensation.
- (a) Notwithstanding any other provisions of this chapter, the projected annual benefit provided by this chapter and the
benefit from all other defined benefit plans required to be aggregated with the benefits from this system under the
provisions of 26 U.S.C. 415 may not increase to an amount in excess of the amount permitted under 26 U.S.C. 415 at any
time. In the event that any accrued benefit of a member exceeds the limitation of 26 U.S.C. 415 for a limitation year,
the system shall make any necessary remedial action to correct an excess accrued benefit. The provisions of 26 U.S.C.
415, and the regulations adopted under that statute, as applied to qualified defined benefit plans of governmental
employers are incorporated as part of the terms and conditions of the system. This subsection shall apply to any member
of this system.
- (b) In this subsection, for system fiscal years beginning on or after January 1, 1998, and for purposes of 26 U.S.C.
415(b)(3) and the regulations adopted under that statute, "salary" includes any amount that is contributed by the
employer under a salary reduction agreement and that is not includable in the member's gross income under 26 U.S.C.
125, 132(f)(4), 402(e)(3), 402(h), or 403(b) and is limited to compensation that is actually paid to a member during
the determination period, which is the fiscal year of the system.
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