Memphis |
Code of Ordinances |
Title 4. PENSION AND RETIREMENT SYSTEM |
Chapter 4-34. 2016 CASH BALANCE PLAN/DEFINED CONTRIBUTION PLAN |
Article 8. GENERAL PROVISIONS |
§ 4-34-63. No duplication of benefits.
Latest version.
Notwithstanding any provision of this plan which may be construed to the contrary, a participant shall not be entitled to two separate benefits under the plan which are attributable to the same period of employment. Accordingly, if a separate benefit under the plan is payable to or in respect of the same participant based upon the same period of employment as the benefits previous paid, the benefit currently payable shall be reduced to reflect the actuarial equivalence of the benefits previously paid.
(Ord. No. 5573, § III, 12-16-2014)