INTERNAL REVENUE CODE SECTION 415(b) FACT …

1 Ohio Public Employees Retirement System277 E. Town St. Columbus, OH 43215-4642 REVENUE code (IRC) SECTION 415(b) limits an individual s pension amount. An individual's benefit allowance is limited to the lesser of the OPERS benefit calculation or the IRC 415(b) limit. Only the portion of the retirement benefit attributable to employer contributions as well as picked up employee contributions is compared to the limits underIRC 415(b).The IRC 415(b) limit which affects public employees is the Dollar Limit ($215,000 in 2017). Under the Dollar Limit, which is adjusted based on age, the portion of the benefit amount attributable to employer contributions and picked up employee contributions may not exceed the dollar amounts for 2017, shown on the next a small number of OPERS members are affected by the IRC 415(b) limit.

2 You may wish to contact OPERS for a determination of how IRC 415(b) may affect your retirement (Revised 12/16) INTERNAL REVENUE CODESECTION 415(b) FACT SHEETThe Retirement System has received approval from the INTERNAL REVENUE Service for its excess benefit arrangement, which permits payment of the portion of the OPERS benefit which exceeds IRC 415(b) , there is a federal limitation on compensation - the INTERNAL REVENUE code SECTION 401(a)(17) limit -upon which employee retirement contributions canbe taken and pension benefits calculated. For 2017,employee contributions and benefits cannot bebased on earnable salary which exceeds $270,000for employees or elected officials who becamemembers of OPERS on or after Jan.

3 1, 1994; forthose employees or elected officials who wereOPERS members prior to Jan. 1, 1994, employeecontributions and benefits cannot be based onearnable salary which exceeds $400,000. Theselimits are indexed next pagePUBLIC PLANGENERAL MEMBERSRETIREMENTAGEPUBLIC PLANPOLICE & FIRE MEMBERS353637383940414243444546474849505 15253545556575859606162636465 or older $39,56241,80044,17946,70949,40252,27155, 32958,59162,07465,79769,77974,04478,6168 3,52388,79794,472100,588107,189114,32612 2,053130,436139,547149,466160,288172,119 185,083199,322215,000215,000$215,000$215 ,000$215,000215,000215,000215,000215,000 215,000215,000215,000215,000215,000215,0 00215,000215,000215,000215,000215,000215 ,000215,000215,000215,000215,000215,0002 15,000215,000215,000215,000215,000215,00 0215,000215,000$215.

4 000If you have questions, please call OPERS at 1-800-222-7377 for more information.