Maximum Benefit
Effective September 30, 2010, the maximum annual benefit at retirement is the lesser of 100% of average final compensation benefit or $100,000 per year or $8,333.33 per month. Any member who has accrued a benefit in excess of the maximum benefit as of September 30, 2010, will retain that benefit but will not accrue any additional benefit. Effective September 30, 2012, the maximum annual benefit at retirement is $80,000.
Any member who has accrued a benefit in excess of the maximum benefit as of September 30, 2012 will retain that benefit but will not accrue any additional benefit.
In no event, shall the benefit limitation be less than the lesser of 100% of the member’s Average Final Compensation or the member’s accrued benefit on September 30, 2012, based on the normal form of benefit.
