Section 24-5-137 - Compliance with Internal Revenue Code section 415(a) Notwithstanding any other provision of this chapter, benefits paid under this chapter shall not exceed the limitations of the Internal Revenue Code, 26 U.S. Code § 415, as it existed on January 1, 2011, that are applicable to governmental plans.(b) The Board of Trustees of the Arkansas State Highway Employees' Retirement System may promulgate rules to implement the limitations of the Internal Revenue Code, 26 U.S. Code § 415, as it existed on January 1, 2011, including, to the extent necessary, the payment of any benefit limited by the Internal Revenue Code, 26 U.S. Code § 415, as it existed on January 1, 2011, under an arrangement described in the Internal Revenue Code, 26 U.S. Code § 415(m), as it existed on January 1, 2011.