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BILL <br /> <br /> INTRODUCED BY COUNCILMEMBER SCHUMAN <br />NO. 8137 ORDINANCE NO. 5925 <br /> <br />AN ORDINANCE AMENDING CHAPTER 25 OF THE MUNICIPAL <br />CODE OF THE CITY OF UNIVERSITY CITY, RELATING TO <br />RETIREMENT AND PENSIONS, BY REPEALING SECTION <br />25-45 THEREOF, AS AMENDED BY ORDINANCE NO. 5805 <br />ENACTED JUNE 17, 199i, RELATING TO NORMAL SERVICE <br />RETIREMENT AND ENACTING IN LIEU THEREOF A NEW <br />SECTION TO BE KNOWN AS "SECTION 25-45. NORMAL <br />SERVICE RETIREMENT," SO AS TO CHANGE SUB-SECTION <br />(5) BY CHANGING THE DEFINITION AND CONTAINING A <br />SAVING CLAUSE. <br /> <br /> NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE <br />CITY OF UNIVERSITY CITY, MISSOURI, AS FOLLOWS: <br /> <br /> Section 1. Chapter 25 of the Municipal Code of the City <br />of University City, relating to retirement and pensions, is <br />hereby amended by repealing Section 25-45 thereof, as amended <br />by Ordinance No. 5805, enacted June 17, 19gl, relating to <br />normal service retirement, and enacting in lieu thereof a new <br />section to be known as "Section 25-45. Normal Service <br />Retirement," so as to change sub-section (5) by changing the <br />computation of a pension, and re,enacting said section so <br />that said section, as so amended, shall read as follows: <br /> <br />Sectio~ 25-45. Normal Service Retirement <br /> <br />(1) Th~ normal service retirement date of a member shall be <br />the first day of the month following the earlier of: (a) his <br />sixty-~ifth birthday, or (b) the date as of which he has both <br />attained the age of six{y-two and completed at least thirty <br />years of creditable service. Such normal service retirement <br />date may be extended by the employee, year to year, until <br />such time as the member reaches the age of seventy years. At <br />such time, the extended normal retirement date shall be the <br />first day of the month following his seventieth birthday. <br /> <br />(2) Any member may retire as of his normal service <br />retirement date, or as of the first day of any month <br />thereafter, or his extended normal service retirement date, <br />upon his written application to the board of trustees not <br />less than thirty days (50) nor more than ninety days (90) <br />prior to such date. <br /> <br />(5) Upon retirement on the normal retirement date or an <br />extended service retirement date, a Member shall receive a <br />pension beginning on the day after the employee retires from <br />the City service equal to: <br /> <br />(a) one percent of final average compensation <br />multiplied by the total period of creditable service in <br /> <br />-1- <br /> <br /> <br />