Sec 38-810.03. Compensation limitation; adjustments

A. The annual compensation of each member taken into account for purposes of the plan shall not exceed the following:

1. Beginning January 1, 1996 through December 31, 2001, one hundred fifty thousand dollars.

2. Beginning January 1, 2002, two hundred thousand dollars.

B. If compensation under the plan is determined for a period of time that contains fewer than twelve calendar months, the compensation limit for that period of time is equal to the dollar limit for the calendar year during which the period of time begins, multiplied by the fraction in which the numerator is the number of full months in that period of time and the denominator is twelve.

C. The board shall adjust the annual compensation limits under this section at the same time and in the same manner as adjusted by the United States secretary of the treasury under section 401(a)(17)(B) of the internal revenue code. The adjustment under this subsection for a calendar year applies to annual compensation for the plan year that begins with or within the calendar year.