Notwithstanding any other provision of this article, no benefit paid to any benefit recipient shall exceed the maximum permitted for qualified retirement plans pursuant to section 401 (a)(17) or section 415 of the federal "Internal Revenue Code of 1986", as amended, including but not limited to all cost-of-living adjustments permitted by such code. Any changes in the maximum compensation limit under said section 401 (a)(17) shall be applied prospectively. No contribution made pursuant to part 5 of this article or to section 24-51-606 (2) shall cause the limits in section 415 (n) of such code to be exceeded.
Source: L. 90: Entire section added, p. 1248, § 7, effective April 5. L. 95: Entire section amended, p. 265, § 10, effective December 31. L. 97: Entire section amended, p. 65, § 9, effective July 1. L. 99: Entire section amended, p. 7, § 2, effective February 19. L. 2002: Entire section amended, p. 139, § 3, effective March 27.