29.342—Computed annuity exceeds the statutory maximum.
(1)
Federal Benefit Payments may equal total
benefits even if the employee had service after
June 30, 1997.
(2)
If the employee had sufficient service as
of June 30, 1997, to qualify for the maximum
annuity under the plan, the Federal Benefit
Payment is the maximum annuity under the plan.
This will be the entire benefit except for any
amount in excess of the normal maximum due to
unused sick leave, which is the responsibility of
the District. (See example 3, of appendix A of
this subpart.)
(b)
If the employee did not perform sufficient
service as of June 30, 1997, to reach the
statutory maximum benefit, but has sufficient
service at actual retirement to exceed the
statutory maximum, the Federal Benefit Payment is
the amount earned through June 30, 1997. The
non-Federal-Benefit-Payment portion of the total
benefit consists of only the amount by which the
total benefit payable exceeds the Federal Benefit
Payment.