Los Angeles County Municipal Code Part I Establishment and Status of Plan

In accordance with County Employee Retirement Law ("CERL") Section 31899.4 and Internal Revenue Code ("IRC") Section 415(m), the County of Los Angeles, State of California, hereby establishes and adopts a plan entitled the "Los Angeles County Replacement Benefits Plan" ("Plan") to provide the annual retirement benefits otherwise earned by and payable to Members of the Los Angeles County Employees' Retirement Association ("LACERA") but which are limited by the rules of Section 415(b) of the IRC. The Retirement Plan is intended to be a tax qualified retirement plan under Section 401 (a) of the Code and is a governmental plan as defined in Section 414(d) of the Code.

(Ord. 2010-0048 § 1, 2010)

This Plan shall be effective, for periods beginning as of November 3, 2010, or with regard to a District, as of the date that this plan is adopted by that District, as provided herein.

(Ord. 2010-0048 § 1, 2010)

This Plan shall be deemed a "portion" of the Retirement Plan solely to the extent required by, and within the meaning of, Section 415(m)(3) of the IRC as in effect on January 1, 2008, and not for any other purpose.

(Ord. 2010-0048 § 1, 2010)

A.

In accordance with Section 415(m) of the IRC, this Plan is adopted, solely for the purpose of providing to Retired Members of LACERA, and to their Eligible Survivors, that part of the annual benefit otherwise payable under the Retirement Plan that exceeds the limitations on benefits imposed by Section 415(b) of the Code.

B.

It is intended that this Plan be treated as an "exempt governmental deferred compensation plan" described in Section 3121(v)(3) of the Code; therefore payments under this Plan are not included as wages subject to Social Security and Medicare taxes.

C.

No assets directly or indirectly relating to this Plan shall be held in trust, or otherwise held or set aside for the exclusive benefit of participants and their beneficiaries. This Plan shall be unfunded within the meaning of the federal income tax laws. The assets shall be general assets of the County as set forth in Part 8.

(Ord. 2010-0048 § 1, 2010)