11-13 - Paris Firefighters Relief & Retirement Fund - Pension Bond - Freeze Fire Pension - Transfer Employees to TMRS

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Year of Participation. "Year of Participation" means, with respect to a Firefighter, each accrual computation period (computed to fractional parts of a year) for which the following conditions are met: (1) the Firefighter is credited with at least the number of Hours of Service (or Period of Service if the Elapsed Time Method is used) for benefit accrual purposes, required under the terms of the Fund in order to accrue a benefit for the accrual computation period, and (2) the Firefighter is included as a Firefighter under the eligibility provisions of the Fund for at least one day of the accrual computation period. If these two conditions are met, the portion of a "Year of Participation" credited to the Firefighter shall equal the amount of benefit accrual service credited to the Firefighter for such accrual computation period. A Firefighter who is permanently and totally disabled within the meaning of Code §415(c)(3)(C)(i) for an accrual computation period shall receive a "Year of Participation" with respect to that period. In addition, for a Firefighter to receive a "Year of Participation" (or part thereof) for an accrual computation period, the Fund must be established no later than the last day of such accrual computation period. In no event shall more than one "Year of Participation" be credited for any twelve (12) month period. g. Applicable Actuarial Assumptions. The actuarial assumptions used to determine Code §415 limits under the Fund shall be the interest rate specified in Section 13.03, and the applicable mortality table prescribed by the Secretary of the Treasury under Code §415(b)(2)(E)(v). Effective for distributions with annuity starting dates on or after December 31, 2002, the applicable mortality table used for purposes of adjusting any benefit or limitation under Code §415(b)(2)(B), (C) or (D) as set forth in the Fund is the table described in Revenue Ruling 2001-62. Effective for distributions with annuity starting dates on or after January 1, 2008, the applicable mortality table used for purposes of adjusting any benefit or limitation under Code §415(b)(2)(B),(C) or (D) as set forth in the Fund, or any provision directly or indirectly prescribing the use of the mortality table described in Revenue Ruling 2001-62 shall be amended to prescribe the use of the applicable annual mortality table within the meaning of Code §417(e)(3)(B), as initially described in Revenue Ruling 2007-67. Effective for distributions with annuity starting dates on or after January 1, 2008, the applicable interest rate for the purposes of adjusting any benefit or limitation under Section 9.02.a(2)(i) shall be the rate of interest described in Code §417(e) after its amendment by the Pension Protection Act of 2006. Specifically, the applicable interest rate shall be the adjusted first, second and third segment rates applied under the rules similar to the rules of Code §430(h)(2)(C) for the second calendar month (lookback month) before the first day of the Plan Year in which the annuity starting date occurs (stability period). For this purposes, the first, second and third segment rules are the first, second and third segment rates which would be determined under Code §430(h)(2)(C) if: (1) Code §430(h)(2)(D) was applied by substituting the average yields for the month described in the preceding paragraph for the average yields for the 24 -month period described in such section; (2) Code §430(h)(2)(G)(i)(II) was applied by substituting "§417(e)(3)(A) (ii)(II)" for "§412(b)(5)(B)(ii)(II)"; and 20