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presently receiving benefits, and who terminated employment after eligibility for retirement, a monthly benefit increase of twenty-five dollars ($25.00) effective December, 1992. The minimum monthly payment for these retirees and beneficiaries is $325.00. (14) In no event shall the benefits payable under this plan exceed the limitations of Internal Revenue Code, Section 415. (15) The payment of any benefits shall commence by April I of the calendar year~ following the calendar year when the employee attains the age of Seventy and one half (70 1/2). (16) No retiree or surviving spouse shall be entitled to a new benefit of less than $250 a month. (17) There shall be paid upon the termination after July 1, 1990 of an employee retired under Section 25=1~(~, 25--14(2), 25-14(5), or 25-14(5), or upon the death of an active employee under Section 25-15 or 25-16 a refund of 60% of the accumulated employee contributions without interest as of July 1, 1990. The refund will not apply to employee contributions made after July 1, 1990. In addition, there shall be paid to any current retiree or beneficiary as of July 1, 1990, except those receiving benefits under Section 25-14(4), a refund of 60% of the accumulated employee contributions without interest as of the date of termination. In the event that there is a refund of contributions with interest under Section 25-25, then there shall be no benefits payable under this section. Section 2. This ordinance shall not be construed so as to relieve any person, firm or corporation from any penalty heretofore incurred by the violation of Section 25-21 nor bar the prosecution for any such violation. Section 3. Any person, firm or corporation violating any of the provisions of this ordinance~ shall, upon conviction thereof, be subject to the penalty provided in Chapter 1, Section 1-8 of the Municipal Code of the City of University City. -5-