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BILL NO. 8138 INTRODUCED BY 'COUNCILMEMBER WAGNER ORDINANCE NO. 5926 AN ORDINANCE AMENDING CHAPTER 25 OF THE MUNICIPAL CODE OF THE CITY OF UNIVERSITY CITY, RELATING TO RETIREMENT AND PENSIONS, BY REPEALING SECTION 25-55 THEREOF, AS AMENDED BY ORDINANCE NO. 5802, ENACTED JUNE 17, 1991, RELATING TO DEFINITIONS AND ENACTING IN LIEU THEREOF A NEW SECTION TO BE KNOWN AS "SECTION 25-55. DEFINITIONS," BY AMENDING SAID SECTION SO AS TO ADD THE DEFINITION OF "THE AVERAGE SOCIAL SECURITY BASE." BE IT ORDAINED BY THE COUNCIL OF THE CITY OF UNIVRSITY CITY, MISSOURI, AS FOLLOWS: Section 1. Chapter 25 of the Municipal Code of the City of University City, relating to retirement and pensions, is hereby amended by repealing Section 25-55 thereof, as amended by Ordinance No. 5802, enacted June 17, leel, relating to definitions, and enacting in lieu thereof a new section to be known as "Section 25-55. Definitions," by amending said section so as to add the definition of "average social security base"; relating to the same subject, and re-enacting said section so that said section, as so amended, shall read as follows: Section 25-55. Definitions. F~r the purpose of this article, the following words and phrases shall have the meanings respectively a~cribed to them by this section: Accumulated contributions. The sum of all amounts deducted from the dompensation of a member and credited to his individual account together with interest thereon. Actuarial equivalent. A benefit of equal value when computed upon the basis of such mortality tables and interest rate as shall from time to time be recom- mended by the a~tuary retained by the Board of Trustees. Averaqe Social Security Base. The average annual amount of a member°s compensation for the period starting January 1, 1988, or the year creditable service commenses, if later, and ending on December 31 of the year preceding the year in which the member's normal retirement date occurs, which would be taxable under the Federal Insurance Contributions Act if the member's compensation in each year is equal to the taxable wage base for such year under such Act. No change in the taxable wage base is assumed after the member's termination of employment.