Section 24-7-733 - Limitation on benefits(a)(1) Notwithstanding the provisions of this subchapter, benefits paid under the Arkansas Teacher Retirement System shall not exceed the limitations of the Internal Revenue Code, 26 U.S.C. § 415, that are applicable to governmental retirement plans, including without limitation the dollar limitations of the Internal Revenue Code, 26 U.S.C. § 415(b)(1)(A).(2) The annual benefits, as may be increased in subsequent years, that are paid to retirees by the system shall not violate the limitations under the Internal Revenue Code, 26 U.S.C. § 415(b), applicable to the annuity effective date under the Internal Revenue Code, 26 U.S.C. § 415(d), and benefits shall be paid in a manner that protects the tax-qualified status of the system.(b) For purposes of determining compliance with the Internal Revenue Code, 26 U.S.C. § 415, "compensation" is defined as set forth in United States Treasury Regulation, 26 C.F.R. § 1.415-2(d)(2), as it existed on January 1, 2009, and includes any amount that is not includible in the gross income of the member under the Internal Revenue Code, 26 U.S.C. § 132(f)(4), as it existed on January 1, 2011.Amended by Act 2023, No. 107,§ 56, eff. 7/1/2023.Amended by Act 2015, No. 301,§ 9, eff. 3/4/2015.Acts 2001, No. 155, § 4; 2005, No. 71, § 4; 2009, No. 1202, § 1; 2011, No. 45, § 18.