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CITY OF UNIVERSITY CITY NONUNIFORMED EMPLOYEES RETIREMENT SYSTEM 2.64.010 Establishment of Plan There is provided a plan by the plan sponsor for the retirement of all employees of the city other than commissioned salaried members of the police and fire departments of the city (hereinafter referred to in this chapter as"employees") on account of age or disability, and for the payment to their surviving spouses, minor children or beneficiaries, as applicable, of the pensions and investment accounts as more specifically set forth in this chapter, in pursuance of the constitution of the state and the laws enacted pursuant thereto. 2.64.020 Creation and Designation of Fund A fund to be known and designated as the nonuniformed employees retirement fund shall be set up and maintained to be derived from such revenue sources as the council shall decide, and partly from contributions made by employees, as defined, and other sources as provided by this chapter. Effective as of January I, 1966, the corpus or income of the fund will be used for all members and their beneficiaries and will not be diverted to or used for other than the exclusive benefit of the members or their beneficiaries. 2.64.100 Definitions For the purpose of this chapter, the following words and phrases shall have the meanings respectively ascribed to them by this section: "Accumulated contributions" means the sum of all amounts deducted from the compensation of a member and credited to the member's individual account together with interest thereon. "Actuarial Equivalent" or "Actuarial Equivalence" means a benefit having the same value as another stated benefit on the date payment commences or on any other date calculated on the basis of the factors as applicable below. (a) Adjustment for Form and Date of Payment: If a member's benefit is payable in a form other than the normal form of retirement benefit it will be adjusted to reflect the actuarial equivalent thereof. If a member's accrued benefit is payable at any time after the member's normal retirement date, it will be determined in accordance with Section 2.64.400.C. However, if a member is eligible for early retirement the amount of benefits paid will be the actuarial equivalent of the member's accrued benefit payable as a normal form of retirement benefit commencing at early retirement date in accordance with Section 2.64.410.C. Restated Nonuniformed Pension Plan—City of University City Page 1