Whenever the limits established by section 415 of the "Internal Revenue Code of 1986," 100 Stat. 2085, 26 U.S.C.A. 415, as amended, are raised, the school employees retirement board shall increase the amount of the pension, benefit, or allowance of any person whose pension, benefit, or allowance payable under section 3309.36, 3309.374, 3309.381, 3309.40, or 3309.401 or former section 3309.38 of the Revised Code was limited by the application of section 415. The amount of the increased pension, benefit, or allowance shall not exceed the lesser of the amount the person would have received if the limits established by section 415 had not been applied or the amount the person is eligible to receive subject to the new limits established by section 415.
Amended by 129th General AssemblyFile No.146, SB 341, ยง1, eff. 1/7/2013.
Effective Date: 07-29-1992
Section: Previous 3309.374 3309.375 3309.376 3309.377 3309.378 3309.379 3309.3710 3309.3711 3309.3712 3309.38 3309.381 3309.39 3309.391 3309.392 3309.40 NextLast modified: October 10, 2016