"Compensation" shall mean the total amount of a police employee’s compensation while a participant 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 any amount that is not includable in the participant’s taxable gross income pursuant to Section 132(f) of the Code. Notwithstanding the above, compensation taken into account for this plan shall not exceed the limit set forth in Section 401(a)(17) of the Code including any adjustments thereto because of changes in the cost of living. (Ord. 6837-NS § 1 (part), 2005)