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1 <br /> t <br /> , <br /> , <br /> CITY OF UNIVERSITY CITY <br /> POLICE AND FIREFIGHTERS' RETIREMENT SYSTEM r <br /> 2.62.010 Establishment of Plan <br /> There is provided a plan by the plan sponsor for the retirement of the commissioned <br /> salaried members of the police and fire departments of the city (hereinafter referred to in <br /> this chapter as "employees" or "members") on account of age or disability, and for the <br /> payment to their surviving spouses, minor children or beneficiaries, as applicable, of the <br /> pensions and investment accounts as more specifically set forth in this chapter, in <br /> pursuance of the constitution of the state and the laws enacted pursuant thereto. <br /> i <br /> E, <br /> 2.62.020 Creation and Designation of Fund <br /> A fund to be known and designated as "police and firefighters' retirement fund" shall be <br /> set up and maintained, to be derived partly from taxation as set forth in this chapter, and <br /> partly from contributions made by the salaried members of the police and fire <br /> departments and other sources, as provided by this chapter. Effective as of January 1, <br /> 1954, the corpus or income of the fund will be used for all members and their <br /> beneficiaries and will not be diverted to or used for other than the exclusive benefit of the <br /> members or their beneficiaries. <br /> 1 <br /> 2.62.100 Definitions <br /> p4p <br /> S <br /> For the purpose of this chapter, the following words and phrases shall have the meanings <br /> respectively ascribed to them by this section: <br /> "Accumulated contributions" means the sum of all amounts deducted from r <br /> the compensation of a member and credited to the member's individual account <br /> together with interest thereon. i <br /> "Actuarial Equivalent" or "Actuarial Equivalence" means a benefit having <br /> the same value as another stated benefit on the date payment commences or on 1 <br /> any other date calculated on the basis of the factors as applicable below. <br /> (a) Adjustment for Form and Date of Payment: If a member's benefit is <br /> payable in a form other than the normal form of retirement benefit it will <br /> be adjusted to reflect the actuarial equivalent thereof. If a member's <br /> accrued benefit is payable at any time after the member's normal <br /> retirement date, it will be determined in accordance with Section 2.62.405. 1 <br /> I <br /> However, if a member is eligible for early retirement the amount of <br /> benefits paid will be the actuarial equivalent of the member's accrued i <br /> benefit payable as a normal form of retirement benefit commencing at <br /> early retirement date in accordance with Section 2.62.410. <br /> Restated Police Pension Plan —City of University City Page 1 <br /> I <br />