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presently receiving benefits, and who terminated employment <br />after eligibility for retirements a monthly benefit increase <br />of twenty-five dollars ($25.00) effective December~ 1992. <br />The minimum monthly payment for these retirees and <br />beneficiaries is $325.00. <br /> <br />(14) In no event shall the benefits payable under this plan <br />exceed the limitations of Internal Revenue Code, Section 415. <br /> <br />(15) The payment of any benefits shall commence by April 1 of <br />the calendar year, following the calendar year when the <br />employee attains the age of Seventy and one half (70 1/2). <br /> <br />(16) No retiree or surviving spouse shall be entitled to a <br />new benefit of less than $325 a month. This section shall <br />not apply to a retiree who terminated prior to eligibility <br />for retirement nor to a surviving spouse of a member who <br />terminated prior to eligibility for retirement. <br /> <br />(17) There shall be paid upon the retirement application <br />approval after July 1, 1990 of an employee retired under <br />Section 25-14(a)~ 25-14(b)~ 25-14(c), or 25-14(e)~ or upon <br />the death of an active employee under Section 25-15 or 25-16 <br />a refund of 60% of the accumulated employee contributions <br />without interest as of July 1, 1990. The refund will not <br />apply to employee contributions made after July 1, 1990. <br /> <br /> In addition, there shall be paid to any current retiree <br />or beneficiary as of July 1, 1990, except those receiving <br />benefits under Section 25-14(d), a refund of 60% of the <br />accumulated employee contributions without interest as of the <br />date of termination. In the event that there is a refund of <br />contributions with interest under Section 25-25, then there <br />shall be no benefits payable under this section. <br /> <br /> Section 2. This ordinance shall not be construed so as <br />to relieve any person, firm or corporation from any penalty <br />heretofore incurred by the violation of Section 25-21 nor bar <br />the prosecution for any such violation. <br /> <br /> Section 5. Any person, firm or corporation violating <br />any of the provisions of this ordinance, shall, upon <br />conviction thereof, be subject to the penalty provided in <br />Chapter 1, Section 1-8 of the Municipal Code of the City of <br />University City. <br /> <br />-5- <br /> <br /> <br />