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

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(3) The applicable percentage under Code §430(h)(2)(G) is treated as being 20 percent in 2008, 40 percent in 2009, 60 percent in 2010, and 80 percent in 2011. 9.03 Other rules: a. Benefits under terminated plans. If a defined benefit plan maintained by the City has terminated with sufficient assets for the payment of benefit liabilities of all plan Firefighters and a Firefighter in the plan has not yet commenced benefits under the plan, the benefits provided pursuant to the annuities purchased to provide the Firefighter's benefits under the terminated plan at each possible annuity starting date shall be taken into account in applying the limitations of this Section. If there are not sufficient assets for the payment of all Firefighters' benefit liabilities, the benefits taken into account shall be the benefits that are actually provided to the Firefighter under the terminated plan. b. Benefits transferred from the Fund. If a Firefighter's benefits under a defined benefit plan maintained by the City are transferred to another defined benefit plan maintained by the City and the transfer is not a transfer of distributable benefits pursuant Regulations §1.411(d)-4, Q&A -3(c), then the transferred benefits are not treated as being provided under the transferor plan (but are taken into account as benefits provided under the transferee plan). If a Firefighter's benefits under a defined benefit plan maintained by the City are transferred to another defined benefit plan that is not maintained by the City and the transfer is not a transfer of distributable benefits pursuant to Regulations §1.411(d)-4, Q&A -3(c), then the transferred benefits are treated by the City's Fund as if such benefits were provided under annuities purchased to provide benefits under a plan maintained by the City that terminated immediately prior to the transfer with sufficient assets to pay all Firefighters' benefit liabilities under the plan. If a Firefighter's benefits under a defined benefit plan maintained by the City are transferred to another defined benefit plan in a transfer of distributable benefits pursuant to Regulations §1.411(d)-4, Q&A -3(c), the amount transferred is treated as a benefit paid from the transferor plan. C. Plans of a "Predecessor Employer". If the City maintains a defined benefit plan that provides benefits accrued by a Firefighter while performing services for a "Predecessor Employer", then the Firefighter's benefits under a plan maintained by the "Predecessor Employer" shall be treated as provided under a plan maintained by the City. However, for this purpose, the plan of the "Predecessor Employer" shall be treated as if it had terminated immediately prior to the event giving rise to the "Predecessor Employer" relationship with sufficient assets to pay Firefighters' benefit liabilities under the plan, and had purchased annuities to provide benefits; the City and the "Predecessor Employer" shall be treated as if they were a single employer immediately prior to such event and as unrelated employers immediately after the event; and if the event giving rise to the predecessor relationship is a benefit transfer, the transferred benefits shall be excluded in determining the benefits provide under the plan of the "Predecessor Employer". d. Special rules. The limitations of this Section shall be determined and applied taking into account the rules in Regulations §1.415(f) -1(d), (e) and (h). 21