While I echo r6155's sentiments, I will add a few technical responses.
The magnitude of the plastic strains in a Limit Load analysis are non-physical, and therefore should not be relied upon for any purpose whatsoever.
An elastic-plastic stress analysis used the concept of LRFD (Load and Resistance Factored Design). Therefore, although the strains should be physical(assuming that they are based on a reasonable stress-strain curve), in general you are using a factored-load approach. Therefore, the only strains that would have any physical relation to reality would be those at the design-level loads (unfactored). Beyond that, the criteria of the EP method (note that this is a method for determining Protection Against Plastic Collapse - yes I realize that I am using VIII-2 terminology, but the same concept applies to Section III) is based on lack of convergence of the numerical model, and note on a plastic strain limit.
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