(a) Basic limitations. Notwithstanding any other provision of this title, a participant’s total annual additions under the plan for any plan year may not exceed the lesser of:
(1) the dollar limit under Internal Revenue Code § 415(c)(1)(a) in effect for the plan year; or
(2) 100% of the participant’s compensation for such plan year.
(b) Internal Revenue Code limitations. The limitations of Internal Revenue Code § 415 and the Final Treasury Regulations issued under Internal Revenue Code § 415, applying the special rules under the Final Treasury Regulations applicable to governmental plans, are hereby incorporated by reference. (Bill No. 95-17)
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