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(a) Notwithstanding any other provision of this chapter, benefits paid under this chapter shall not exceed the limitations of the Internal Revenue Code, 26 U.S. Code § 415, as it existed on January 1, 2011, that are applicable to governmental plans.
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(b) The Board of Trustees of the Arkansas State Highway Employees’ Retirement System may promulgate rules to implement the limitations of the Internal Revenue Code, 26 U.S. Code § 415, as it existed on January 1, 2011, including, to the extent necessary, the payment of any benefit limited by the Internal Revenue Code, 26 U.S. Code § 415, as it existed on January 1, 2011, under an arrangement described in the Internal Revenue Code, 26 U.S. Code § 415(m), as it existed on January 1, 2011.
