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BILL NO. 7792 INTRODUCED BY COUNCILMEMBER PRICE ORDINANCE NO. 5588 AN ORDINANCE Ab~NDING CHAPTER 25 OF THE MUNICIPAL CODE OF THE CITY OF UNIVERSITY CITY, RELATING TO RETIREMENT AND PENSIONS BY REPEALING SECTION 25-46 THEREOF, AS ESTABLISHED BY ORDINANCE NO. 4221, ENACTED JUNE 27, 1966, RELATING TO BENEFITS OTHER THAN ON RETIREMENT, AND ENACTING IN LIEU THEREOF A NEW SECTION TO BE KNOWN AS "SECTION 25-46, BENEFITS OTHER THAN ON RETIREMENT" BY AMENDING SAID SECTION SO A:] TO INCREASE THE INTEREST EARNINGS FROM THREE PER__~NT (3%) PER ANNUM TO FIVE PER~NT (5%) PER ANNUM. BE IT ORDAINED BY THE COUNCIL OF THE CITY OF UNIVERSITY CITY, MISSOURI, AS FOLLOWS: Section 1. Chapter 25 of the Municipal Code of the City of University City, relating to retirement and pensions by repealing Section 25- 46 thereof, a6 established by Ordinance No. 4221, enacted June 27, 1986, relating to becefits other than on retirement, and enacting in lieu thereof a new section to be known as "Section 25-46, benefits other than on retirement" by amending said section so as to increase the interest earnings from three per cent (3%) per annum to .five per cent (5%) per annum, relating to the same subject, and re-enacting said section so that said section, as so amended, shall read as follows: Section 25-46. Benefits other than on retirement. (1) If the membership of an employee is terminated by reaso~ of death prior to their normal service retirement date, the amount of their accumulated contributions shall be pa~able in a lump sum to their designated beneficiary. (2) If the amount payable under subsection 12 is less than 50% of their final average compensation, then an additional amount to bring the death payment to 50% of their final average compensation shall be payable in a lump :~um to their widow or widower, of if no widow or widower to their minor child or minor children in equal sharers. If no widow or widower or minor children survive the deceased member, no benefit shall be payable under this ~ubsection. (3) If the membership of an employee is terminated by reason of their death after their normal service retire- ment date but prior to their actual retirement, their accumulated contributions shall be payable in a lump sum to their _designated beneficiary. If the deceased membez's designated beneficiary is their widow or widower, they may elect to receive in lieu of the member's accumulated contributions a pension payable for life computed as if a member had retired on the day of their death and had elected the optional form of pension set forth in Section 25-47. (4) Should the membership of an employee be terminated by reason other than their death or retirement, they shall be paid within one year the amount of their contri- butions plus interest earnings of five percent (5%) per