(a) the interest rate and mortality tables used in determining the application of the defined benefit limitations of IRC section 415(b) shall be the interest rate pursuant to IRC section 415(b)(2)(E)(i) and the morality tables prescribed by the Secretary of the Treasury of the United States pursuant to IRC section 415(b)(2)(E)(v);

(b) the combined plan fraction rule of former subsection (e) of IRC section 415 governing the implementation of the defined benefit and defined contribution limitations of said section in cases where a member of the system concurrently participates in a defined contribution plan maintained by an employer participating in the system shall not apply;

(c) the limitation of section 415(b)(1)(B) providing that a member's benefit may not exceed 100 percent of the member's average compensation for the member's high three years shall not apply;

(d) the limitations in IRC section 415(b)(2)(C) and (b)(5) on the amount of benefits which may be paid by the system with respect to any member shall not apply to any benefit payable to the member as a result of the member becoming disabled by reason of sickness or personal injuries or payable to a beneficiary, survivor or estate of the member by reason of the death of a member; and

(e) the rules of IRC section 415(n) relating to the application of the IRC section 415 limitations on benefits paid by and contributions to the system in circumstances where a member has purchased or seeks to purchase service credit as permitted under law, which rules, among other things, permit the system to apply the defined benefit limitation of IRC section 415(b) to the member's entire benefit without regard to member contributions to purchase service credit, shall apply.

(f) The defined benefit payable to a member of the system shall not exceed the applicable limits under section 415(b) of the Internal Revenue Code, as periodically adjusted by the Secretary of the Treasury pursuant to section 415(d) of the Internal Revenue Code. The limitation year is the fiscal year. This limit shall apply to a member who has had a severance from employment or, if earlier, an annuity starting date. Benefits that are subject to section 415(b) of the Internal Revenue Code shall comply with the foregoing limit in each year during which payments are made. The foregoing limit shall be adjusted pursuant to the requirements of sections 415(b)(2)(C) and (D) of the Internal Revenue Code relating to the commencement of benefits at a date prior to age 62 or after age 65, subject to other applicable rules under section 415 of the Internal Revenue Code. No adjustment shall be required to a benefit subject to an automatic benefit increase feature described in Treasury Regulation section 1.415(b)-1(c)(5). To the extent that section 415 of the Internal Revenue Code and the Treasury Regulations thereunder require that an interest rate under section 417(e) of the Internal Revenue Code apply, the applicable lookback month shall be the calendar month preceding the current month and the applicable stability period is one calendar month.

(g) If a member is, or has ever been, a participant in another qualified defined benefit plan (without regard to whether the plan has been terminated) maintained by the member's employer, as determined pursuant to sections 414(b), 415(c), and 415 of the Internal Revenue Code, the sum of the participant's benefits payable annually in the form of a straight life annuity from all such plans may not exceed the limit described in subdivision (f) of this section. Where the member's employer-provided benefits under all such defined benefit plans (determined as of the same age) would exceed the limit described in subdivision (f) of this section applicable at that age, the benefits accrued under all such other plans shall be reduced first in order to avoid exceeding the limit and only to the extent that the reduction under such other plans is insufficient to avoid exceeding the limit.

(h) Solely for purposes of applying the limits under section 415(c) of the Internal Revenue Code and the Treasury Regulations thereunder to benefits subject to such limits, the term compensation shall be defined in accordance with section 415(c)(3) of the Internal Revenue Code and Treasury Regulation section 1.415(c)-2(d)(4), including, to the extent provided by paragraph (e)(3)(i) of Treasury Regulation section 1.415(c)-2, payments described in paragraph (e)(3)(ii) thereof. Effective for years beginning after December 31, 2008, solely for purposes of this subdivision, the term compensation for purposes of applying the limits under section 415(c) of the Internal Revenue Code and the Treasury Regulations thereunder shall also include differential wage payments described in section 3401(h) of the Internal Revenue Code.