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Section 1 <br /> Definitions <br /> The following terms used in this document shall have the meanings stated below unless a <br /> different meaning is clearly required by the context. <br /> 1.01 "Act"shall mean the Texas Local Fire Fighters Retirement Act, Vernon's Annotated Civil <br /> Statutes, Article 6243e. <br /> 1.02 "Board" or"Trustees" shall mean the Board of Trustees of the Paris Firefighters' Relief <br /> and Retirement Fund. The Board of Trustees shall be the plan administrator. <br /> 1.03 "City" shall mean the City of Paris, a political subdivision established within the state <br /> of Texas. <br /> 1.04 "Code" shall mean the Internal Revenue Code of 1986 as amended from time to time. <br /> 1.05 `�Compensation"shall mean regular salary pay, overtime pay, longevity pay, certificate <br /> pay, step up pay, vacation pay, sick pay, holiday pay and administrative leave pay. <br /> Compensation specifically excludes accumulated sick leave paid at the time of <br /> retirement or termination of employment and amounts paid by the City as a benefit <br /> (such as clothing allowances, social security match, health insurance premiums and <br /> workers compensation premiums). Compensation also specifically excludes lump sum <br /> payments made at any time for unused accrued vacation, sick leave, holiday pay, <br /> administrative leave and compensatory leave time. The annual compensation of each <br /> Firefighter taken into account under the Plan for any year shall not exceed the <br /> limitations of Code §401(a)(17). In determining benefit accruals in plan years <br /> beginning after December 31, 2001, the annual compensation limit for determination <br /> periods before January 1, 2002, shall be $200,000. For plan years beginning on or <br /> after ]anuary 1, 2002, Compensation in excess of $200,000 shall be disregarded for <br /> all purposes. Such amount shall be adjusted by the Commissioner for increases in the <br /> cost-of-living in accordance with Code §401(a)(17(B). The cost-of-living adjustment <br /> in effect for a calendar year applies to any determination period beginning with or <br /> within such calendar year. If a determination period consists of fewer than twelve (12) <br /> months, the $200,000 annual compensation limit will be multiplied by a fraction, the <br /> numerator of which is the number of months in the determination period and the <br /> denominator of which is twelve (12). Effective for plan years beginning on or after <br /> January 1, 2001, "Compensation" shall include elective amount that are not included <br /> in the gross income of the Firefighter under Code §132(f)(4). For years beginning after <br /> December 31, 2008: (i) an individual receiving a differential wage payment, as defined <br /> by Code §3401(h)(2), is treated as an employee of the employer making the payment; <br /> and (ii) the differential wage payment is treated as Compensation. <br /> 1.06 "Firefighter" shall mean all members of the Fund as of September 30, 2022 with a <br /> Frozen Benefit. No other person employed with the City Fire Department on or after <br /> the Effective Date shall be eligible to become a member of the Fund. <br /> 1.07 '�Fund" or"Plan" shall mean the Paris Firefighters' Relief and Retirement Fund. <br /> 1.08 RESERVED <br /> 1.09 "Normal Retirement Date" shall mean the date on which the Firefighter has attained <br /> age 55. "Early Retirement Date" shall mean the date on which the sum of the <br /> Firefighter's age and years of Service first equals 80, provided, he has completed <br />