"Compensation" shall mean the total amount of an employee’s compensation while a participant as reported for W-2 purposes before any payroll deductions for income tax, amounts elected to be deferred under any deferred compensation plan, group insurance, or for any other purpose, and effective for plan years beginning on and after January 1, 2001, including any amount that is not includable in the participant’s taxable gross income pursuant to Section 132(f) of the Internal Revenue Code, but excluding payments which would not be subject to FICA tax if the dollar limitation of Section 3121(a) did not apply and if the employer were covered by the Federal Social Security System, contributions by the employer under this plan, group insurance, retainer fee under contract, or the like. Notwithstanding the foregoing, the annual compensation of each participant taken into account in any Plan Year beginning after December 31, 2001 shall not exceed $200,000 adjusted for cost-of-living increases in accordance with Section 401(a)(17)(B) of the Code. (Ord. 7584-NS § 1, 2017)