- (a) The annual benefit based on the service of a member may not exceed the amount permitted by the Internal Revenue Code of 1986 and related regulations for the appropriate year. If the aggregated benefit otherwise payable under the pension system and any other defined benefit plan maintained by a political subdivision that has contributed to the fund on behalf of the member would otherwise exceed the benefits allowable under federal law, the reduction in benefits must first be applied to the extent possible from the other plan, and only after those reductions, from the fund.
- (b) A retirement annuity or benefits to a qualified beneficiary under the pension system may not begin after the deadlines provided under the Internal Revenue Code of 1986 and related regulations.
Source Note:The provisions of this §302.2 adopted to be effective October 2, 2005, 30 TexReg 6060.