Common use of Maximum Pension Clause in Contracts

Maximum Pension. ‌ Notwithstanding anything contained in the Plan to the contrary, the annual retirement benefit payable to a Participant in the Plan shall be subject to the limitations, adjustments and requirements set forth in Code Section 415 and the final regulations promulgated thereunder, which are incorporated herein by reference. In no event shall any annual retirement benefit exceeding the Code Section 415 limits be accrued, distributed or otherwise payable to any Participant in any form of benefit at any time. Effective January 1, 2004, the following provision is added to comply with the Pension Funding Equity Act of 2006:

Maximum Pension. ‌ Notwithstanding anything contained in the Plan to the contrary, the annual retirement benefit payable to a Participant in the Plan shall be subject to the limitations, adjustments and requirements set forth in Code Section 415 and the final regulations promulgated thereunder, which are incorporated herein by reference. In no event shall any annual retirement benefit exceeding the Code Section 415 limits be accrued, distributed or otherwise payable to any Participant in any form of benefit at any time. Effective January 1, 2004, the following provision is added to comply with the Pension Funding Equity Act of 2006: