Dollar limitation in Pension Protection Act of 2006

[Guest kafeathe]

Does anyone have any insight as to what the dollar amount limitation found in section 1104(b)(2) of the Pension Protection Act of 2006 means?

It amends IRC section 457(f) . . . and states that a portion of an applicable employment retention plan will be exempted from inclusion in gross income when there is no substantial risk of forfeiture (i.e. the requirement of 457(f)(1)). The portion that is exempted is the "portion of the plan which provides benefits payable to the participant not in excess of twice the applicable dollar limit determined under subsection (e)(15)." For 2006, the (e)(15) amount is $15,000.

Does that mean that $30,000 per year or $30,000 total can be exempted from the 457(f)(1) requirement of inclusion in gross income?

Thanks