§ 13-87. Establishment of excess benefit arrangement.

(a)

The Village establishes a Qualified Governmental Excess Benefit Arrangement ("EBA") effective upon adoption, to be governed by the terms and provisions set forth below: The EBA is established and maintained solely for the purpose of providing benefits for certain of the Village's employees who participate in the Bal Harbour Village Employees' Pension Plan and Trust provided for at Article II of Chapter 13 of the Village of Bal Harbour Code, in excess of the limitations on benefits imposed by Section 415 of the Code.

(b)

The EBA is a portion of a governmental plan, as that term is defined in Section 414(d) of the Code, and is administered as a qualified governmental excess benefit arrangement pursuant to the provisions of Code Section 415(m).

(Ord. No. 508, § 2, 6-20-06)