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INTRODUCED BY: DATE: <br />8968 <br />BILL NO. ORDINANCE NO. <br />AN ORDINANCE AMENDING CHAPTER 2.62 OF THE <br />UNIVERSITY CITY MUNICIPAL CODE, RELATING TO THE <br />POLICE AND FIREFIGHTER’S RETIREMENT SYSTEM, BY <br />REPEALING SECTION 2.62.051 THEREOF, RELATING TO <br />INVESTMENT ACCOUNTS, AND ENACTING IN LIEU THEREOF A <br />NEW SECTION TO BE KNOWN AS “SECTION 2.62.051 <br />INVESTMENT ACCOUNTS,” THEREBY AMENDING SAID <br />SECTION SO AS TO CLARIFY THE METHOD OF COMPUTING <br />CREDITS TO AN EMPLOYEE’S INVESTMENT ACCOUNT. <br />BE IT ORDAINED BY THE COUNCIL OF THE CITY OF UNIVERSITY <br />CITY, MISSOURI, AS FOLLOWS: <br />Section 1. Chapter 2.62 of the University City Municipal Code, relating to <br />the police and firefighter’s retirement system, is hereby amended by repealing <br />Section 2.62.051 thereof, relating to investment accounts, and enacting in lieu <br />thereof a new section to be known as “Section 2.62.051 Investment accounts;” so <br />that said section, as so amended, shall read as follows: <br />2.62.051 Investment accounts. <br />A. An individual investment account shall be established within the police <br />and firemen’s retirement fund by the board of trustees for each <br />employee who is in service on or after September 1, 2000, except as <br />otherwise elected by any such employee who is in service on or before <br />May 1, 2001, in accordance with rules and procedures established, and <br />upon forms provided, by the board of trustees. Investment accounts <br />shall be separate accounts described in the Internal Revenue Code, <br />Section 414(k). <br />B. Each investment account shall be credited with: <br />1. Except as otherwise provided in Section 2.62.150(L), all amounts <br />contributed by the employee prior to May 1, 2001, under Section <br />2.62.050, if any, plus interest on each such amount from the date it <br />was contributed through May 1, 2001 (or, in the case of an employee <br />who is not in service during the period beginning September 1, 2000 <br />and ending May 1, 2001, the date the employee is reinstated in the <br />police or fire department) at the rate of eight percent compounded <br />annually; and <br /> <br />