Section 4440.190  Other Adjustments in 415(b) Limitation

a)         In the event the member's retirement benefits become payable before age 62, the limit prescribed by this Subpart shall be reduced in accordance with regulations issued by the Secretary of the Treasury pursuant to the provisions of IRC section 415(b), so that the limit (as so reduced) equals an annual straight life benefit (when the retirement income benefit begins) equivalent to a $160,000 (as adjusted) annual benefit beginning at age 62.

b)         In the event the member's benefit is based on at least 15 years of service as a full-time employee of any police department or on 15 years of military service, the adjustments provided for in subsection (a) shall not apply.

c)         The reductions provided for in subsection (a) shall not be applicable to pre-retirement disability benefits or pre-retirement death benefits.