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6974
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Last modified
10/2/2015 1:49:17 PM
Creation date
10/2/2015 1:49:17 PM
Metadata
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Template:
City Ordinances
Passed
12/8/2014
Ordinance Number
6974
Bill Number
9245
Introdate
11/24/2014
Description
Uniform pension plan amendments
Introduced By
Mr. Jennings
Year
2014
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Exhibit A <br /> CITY OF UNIVERSITY CITY <br /> POLICE AND FIREFIGHTERS' RETIREMENT SYSTEM <br /> 2.62.225 Purchase of Creditable Service <br /> A. Any individual who is a vested participant in this Plan and who has earned <br /> creditable service u nder an y other re tirement p lan estab lished b y the state of <br /> Missouri or any political subdivision or instrumentality of the state and who is not <br /> vested under such other plan may purchase service credit under this Plan. The <br /> amount of creditable service which may be purchased may not exceed the years of <br /> creditable service under the other Plan. <br /> B. Any individual who is a vested participant in this Plan and who was employed in <br /> nonfederal public employment in Missouri and not covered under a retirement <br /> plan in such position may purchase service credit under this Plan. The amount of <br /> creditable service which may be purchased may not exceed the years of <br /> employment in such uncovered position. <br /> C. Any purchase of creditable service under this section shall be governed by rules <br /> established by the Board. Such purchase shall be affected by the employee's <br /> paying to the Plan an amount determined by the Plan's actuary using the actuarial <br /> assumptions applied in determining the costs of benefits under this Plan at the <br /> date of the employee's election. The payment may be made in a single sum or in <br /> equal monthly installments or in a combination of both. Any installment <br /> payments shall be made over a period not to exceed two years, measured from the <br /> date of election, or prior to the commencement of benefits under the Plan, <br /> whichever is earlier. Interest, compounded annually at the actuarially assumed <br /> rate used by the Plan, shall accrue on the unpaid balance from the date of the <br /> election. A rollover or trustee-to-trustee transfer from another qualified <br /> retirement plan under Code sections 401(a), 403(a), or 403(b), or a governmental <br /> section 457(b) plan or individual retirement account may be used to make <br /> payment for creditable service purchased. If full payment for creditable service is <br /> not received within the prescribed time period, all partial payments shall be <br /> refunded and no creditable service shall be received. <br /> D. Payments made for such creditable prior service pursuant to this section shall be <br /> treated by the Plan as would contributions made by the City and shall not be <br /> subject to any prohibition on employee contributions or refund provisions in <br /> effect at the time of enactment of this Section 2.62.225. <br /> E. Creditable service purchased under this section shall be treated as Years of <br /> Service and Years of Membership solely for purposes of determining the amount <br /> of retirement benefit payable to such employee under Section 2.62.405 and shall <br /> not be used in determining the time at which an employee has attained early <br /> retirement age or normal retirement age under the Plan. <br />
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