§ 29.342. Computed annuity exceeds the statutory maximum.
162 words·~1 min read·
/us/cfr/t31/s§ 29.342·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)In cases in which the total computed annuity exceeds the statutory maximum:
(1)Federal Benefit Payments may equal total benefits even if the employee had service after June 30, 1997.
(2)If the employee had sufficient service as of June 30, 1997, to qualify for the maximum annuity under the plan, the Federal Benefit Payment is the maximum annuity under the plan. This will be the entire benefit except for any amount in excess of the normal maximum due to unused sick leave, which is the responsibility of the District. (See example 3, of appendix A of this subpart.)
(b)If the employee did not perform sufficient service as of June 30, 1997, to reach the statutory maximum benefit, but has sufficient service at actual retirement to exceed the statutory maximum, the Federal Benefit Payment is the amount earned through June 30, 1997. The District benefit payment is the amount by which the total benefit payable exceeds the Federal Benefit Payment.