Laserfiche WebLink
B. For employees hired prior to January 1, 1973, the greater of the pension <br /> payable under subsection (A) of this section, or the sum of subsection <br /> (B)(1) and (B)(2) of this section multiplied by 1.25 for members who <br /> terminated prior to December 31, 1996, by 1.37 for members who <br /> terminated between December 31, 1996 and June 30, 2001, and by 1.62 <br /> for members who terminated on or after July 1, 2001: <br /> 1. Two-thirds of one percent of the final average compensation plus <br /> one percent of the final average compensation in excess of six <br /> thousand six hundred dollars ($6,600.00); all multiplied by the <br /> period of creditable service, in years and months, rendered prior to <br /> January 1, 1968; <br /> 2 Two-thirds of one percent of the final average compensation plus <br /> one percent of the final average compensation in excess of the <br /> average social security base; multiplied by the period of creditable <br /> service in years and months, rendered subsequent to January 1, <br /> 1968. <br /> C. The pension method in this section for any month shall be payable as of <br /> the last day of the month. <br /> 2.64.405 Reserved <br /> 2.64.407 Distribution of Investment Account <br /> A. Should the membership of an employee be terminated by reason other <br /> than death or retirement, such member shall be paid within one year the <br /> amount of the employee's contributions plus interest earnings of five <br /> percent per annum on the employee's contributions. In the event of death <br /> of such former member after termination of employment and prior to <br /> receiving the employee's accumulated contributions, the employee's <br /> accumulated contributions shall be paid to the employee's designated <br /> beneficiary. <br /> B. A member who retires early may elect to withdraw his or her accumulated <br /> contributions at any time prior to the date the member's pension is to <br /> commence; provided, that if he or she so elects, neither the member nor <br /> the member's beneficiary shall receive any other benefits from the <br /> retirement system. In event of the member's death prior to the date the <br /> member's pension is to commence, the member's accumulated <br /> contributions will be payable in a lump sum to the member's designated <br /> beneficiary. <br /> Restated Nonuniformed Pension Plan—City of University City Page 11 <br />