§ 538. Excess benefit plan. Notwithstanding any other law to the
contrary, the retirement board is authorized in its sole discretion to
establish a qualified governmental excess benefit arrangement within the
meaning of, in conformity with and then only to the extent and so long
as permitted by subsection m of section four hundred fifteen of the
Internal Revenue Code of 1986, as amended, for the purpose of providing
such retirement benefits as would otherwise have been payable to
retirees of the system, but for the application of the limitations on
benefits of subsection b of section four hundred fifteen of the Internal
Revenue Code of 1986, as amended. The retirement board is also
authorized to promulgate such rules and regulations as may be necessary
to implement a qualified governmental excess benefit plan as provided in
this section.