Browse Arkansas Code titles and sections
24-6-414. Maximum benefit limitation.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-6-414. Maximum benefit limitation.
(a) Notwithstanding any other provisions of this chapter, benefits paid under the provisions of this chapter shall not exceed the limitations of the Internal Revenue Code, 26 U.S.C. § 415 that are applicable to governmental retirement plans.
(b)(1) The Board of Trustees of the State Police Retirement System is hereby empowered and authorized to promulgate all necessary rules to implement the limitations of the Internal Revenue Code, 26 U.S.C. § 415.
(2) The rules adopted by the board pursuant to this section shall be amended to reflect any changes in the content or application of the Internal Revenue Code, 26 U.S.C. § 415 enacted by the United States Congress or promulgated by the Internal Revenue Service.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-6-414
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
Issuing source page ↗
Authority boundary: historical statutory source snapshot not current law.
Open the recorded source website ↗
Record provenance
Stable record: arkansas_code:legal_authorities:24-6-414
Source file: gov.ar.code.title.24.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 9d661af6641f6c86ebeeed58d9494d3563a58c964b0a9d3163c02dd4be85d18c
Source location: content.xml paragraph 5046
Stored source content
24-6-414. Maximum benefit limitation.
(a) Notwithstanding any other provisions of this chapter, benefits paid under the provisions of this chapter shall not exceed the limitations of the Internal Revenue Code, 26 U.S.C. § 415 that are applicable to governmental retirement plans.
(b)(1) The Board of Trustees of the State Police Retirement System is hereby empowered and authorized to promulgate all necessary rules to implement the limitations of the Internal Revenue Code, 26 U.S.C. § 415.
(2) The rules adopted by the board pursuant to this section shall be amended to reflect any changes in the content or application of the Internal Revenue Code, 26 U.S.C. § 415 enacted by the United States Congress or promulgated by the Internal Revenue Service.
Cross-references
Connections may be documented source relationships, shared citations or nearby passages. Each explains its basis; a connection alone does not establish applicability to your situation.
Federal law — U.S. Code and appendices · legal_authorities
**(a) General rule**
(1) **Trusts** — A trust which is a part of a pension, profitsharing, or stock bonus plan shall not constitute a qualified trust under section 401(a) if—
(A) in the case of a defined benefit plan, the plan provides for the payment of benefits with respect to a participant which exceed the limitation of subsection (b), or
(B) in the case of a defined contribution plan, contributions and other additions under the plan with respect to any participant for any taxable year exceed the limitation of subsection (c).
(2) **Section applies to certain annuities and accounts** — In the case of—
(A) an employee annuity plan described in section 403(a),
(B) an annuity contract described in section 403(b), or
(C) a simplified employee pension described in section 408(k),
such a contract, plan, or pension shall not be considered to be described in section 403(a), 403(b), or 408(k), as the case may be, unless it satisfies the requirements of subparagraph (A) or subparagraph (B) of paragraph (1), whichever is appropriate, and has not been disqualified under subsection (g). In the case of an annuity contract described in section 403(b), the preceding sentence shall apply only to the portion of the annuity contract which exceeds the limitation of subsection (b) or the limitation of subsection (c), whichever is appropriate.
**(b) Limitation for defined benefit plans**
(1) **In general** — Benefits with respect to a participant exceed the limitation of this subsection if, when expressed as an annual benefit (within the meaning of paragraph (2)), such annual benefit is greater than the lesser of—
(A) $160,000, or
(B) 100 percent of the participant’s average compensation for his high 3 years.
(2) **Annual benefit**
(A) *In general* — For purp
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 415
Stored review status: release_metadata_unconfirmed. The source passage cites 26 U.S.C. § 415. This identifies an authority to review, not proof of applicability.
Federal law — U.S. Code and appendices · legal_authorities
Page 1426
TITLE 26—INTERNAL REVENUE CODE
§ 415
graph if such arrangement allows employees
to make permissible withdrawals (as defined
in section 414(w)(2)).
(3) Minimum contribution percentage
(A) In general
An eligible automatic contribution ar-
rangement meets the requirements of this
paragraph if—
(i) the uniform percentage of compensa-
tion contributed by the participant under
such arrangement during the first year of
participation is not less than 3 percent and
not more than 10 percent (unless the par-
ticipant specifically elects not to have
such contributions made or to have such
contributions made at a different percent-
age), and
(ii) effective for the first day of each
plan year starting after each completed
year of participation under such arrange-
ment such uniform percentage is increased
by 1 percentage point (to at least 10 per-
cent, but not more than 15 percent) unless
the participant specifically elects not to
have such contributions made or to have
such contributions made at a different per-
centage.
(B) Initial reduced ceiling for certain plans
In the case of any eligible automatic con-
tribution arrangement (other than an ar-
rangement that meets the requirements of
paragraph (12) or (13) of section 401(k)), for
plan years ending before January 1, 2025,
subparagraph (A)(ii) shall be applied by sub-
stituting ‘‘10 percent’’ for ‘‘15 percent’’.
(4) Investment requirements
An eligible automatic contribution arrange-
ment meets the requirements of this para-
graph if amounts contributed pursuant to such
arrangement, and for which no investment is
elected by the participant, are invested in ac-
cordance with the requirements of section
2550.404c-5 of title 29, Code of Federal Regula-
tions (or any successor regulations).
(c) E
Source: Supplied 2024 U.S. Code historical extraction · 26 U.S.C. § 415
Stored review status: historical_2024_not_currentness_verified. The source passage cites 26 U.S.C. § 415. This identifies an authority to review, not proof of applicability.