Texas Administrative Code
Title 34 - PUBLIC FINANCE
Part 5 - TEXAS COUNTY AND DISTRICT RETIREMENT SYSTEM
Chapter 103 - CALCULATIONS OR TYPES OF BENEFITS
Section 103.8 - Limit on Payments During the Limitation Year

Universal Citation: 34 TX Admin Code ยง 103.8

Current through Reg. 49, No. 38; September 20, 2024

(a) The limitation year used by the retirement system for determining the maximum annual benefit which may be paid under §415(b) of the Internal Revenue Code of 1986 is the calendar year. Notwithstanding anything to the contrary, the system will make no payments of a retirement annuity with respect to a retiree in excess of the annual limit as determined in accordance with §415(b) of the Internal Revenue Code and the regulations thereunder.

(b) If the benefit recipient is not a participant in the Texas County and District Retirement System Qualified Replacement Benefit Arrangement (34 TAC §§ 113.1, et seq), the maximum monthly amount of the retirement annuity payable with respect to the retiree during the limitation year shall be the lesser of:

(1) the amount determined under the provisions of Chapter 844, Government Code, without regard to the limitations of §844.008; or

(2) the amount determined by dividing the annual limit for the limitation year determined in accordance with §415(b) of the Internal Revenue Code, by the number of monthly payments scheduled to be paid with respect to the retiree during the limitation year.

(c) If the benefit recipient is a participant in the Texas County and District Retirement System Qualified Replacement Benefit Arrangement, the maximum monthly amount of the retirement annuity payable with respect to the retiree shall be the amount determined under the provisions of Chapter 844, Government Code, without regard to the limitations of §844.008. The system shall cease making monthly payments of the retirement annuity payable with respect to the retiree at that time during the limitation year that the total of payments made with respect to such limitation year equals the maximum annual benefit payable in accordance with IRC §415(b).

(d) In no event shall the total amount paid during the limitation year be less than the lesser of that amount payable with respect to the retiree as determined under the provisions of Chapter 844, Government Code without regard to §844.008; or the annual limit for the limitation year determined in accordance with IRC §415(b).

(e) The system will make retroactive or prospective adjustments to any benefit payment as appropriate to comply with this section.

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