§ 154-94. Treatment of employee contributions for prior service with certain other employers.

(a)

Basic limitations. If an employee makes one or more contributions to the plan to purchase permissive service credit, the requirements of section 154-93 shall be treated as met if either:

(1)

The requirements of section 415(b) of the code are met, determined by treating the accrued benefit derived from all contributions to the plan for permissive service credit as an annual benefit for purposes of section 415(b) of the code, provided, however, that the plan shall not fail to meet the reduced limit under section 415(b)(2)(C) of the code solely by reason of this section 5.2; or

(2)

The requirements of section 415(c) of the code are met, determined by treating all contributions to the plan for permissive service credit as an annual addition for purposes of section 415(c) of the code, provided, however, that the plan shall not fail to meet the percentage limitation under section 415(c)(1)(B) of the code solely by reason of this section 5.2.

(b)

"Permissive service credit." For purposes of this section 5.2, the term "permissive service credit" shall mean prior service credit with certain other employers that is (i) purchased pursuant to subsections (c), (d) and (e) of section 1.9 of the Plan or an applicable supplement to the plan and (ii) for which the participant paid an amount that did not exceed the amount necessary to fund the benefit attributable to such service credit.

(00-1471, § 5, 12-20-00)