[§88-83.5] Benefit limitations. (a) Notwithstanding any other law to the contrary, the benefits payable to all employees who first become members on or after January 1, 1990, shall be subject to the limitations set forth in section 415 of the Internal Revenue Code of 1986, as amended.
(b) Notwithstanding any other law to the contrary, the benefits payable to all employees who first became members before January 1, 1990, shall be subject to the greater of the following limitations as provided in section 415(b)(10) of the Internal Revenue Code of 1986, as amended:
(1) The limitations set forth in section 415 of the Internal Revenue Code of 1986, as amended; or
(2) The benefit of the member without regard to any benefit increases pursuant to an amendment adopted after October 14, 1987. [L 1990, c 104, §1]