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BILL NO. 8231 INTRODUCED BY COUNCILMEMBER WAGNER ORDINANCE NO. 6015 AN ORDINANCE AMENDING CHAPTER 25 OF THE MUNICIPAL CODE OF THE CITY OF UNIVERSITY CITY, RELATING TO RETIREMENT AND PENSIONS, BY REPEALING SECTION 25-43 AND ENACTING IN LIEU THEREOF A NEW SECTION TO BE KNOWN AS "SECTION 25-43. NORMAL SERVICE RETIREMENT." NOW, THEREFORE, 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, is hereby amended by repealing Section 25-43 and enacting in lieu thereof a new section to be known as "Section 25-43. Normal Service Retirement;" reading as follows: 25-43. NORMAL SERVICE RETIREMENT. (1) The normal service retirement date of a member shall be the first (1st) day of the month following the earlier of: (a) The member's sixty-fifth (65th) birthday; or (b) The date as of which the member has both attained the age of sixty-two (62) years and completed at least thirty (30) years of creditable service. Such normal service retirement date may be extended by the employee, year to year, until such time as the member reaches the age of seventy (70) years. At such time, the extended normal retirement date shall be the first (1st) day of the month following the member's seventieth (70th) birthday. (2) Any member may retire as of the normal service retirement date or as of the first (1 st) day of any month thereafter, or as of the extended normal service retirement date, upon the member's wdtten application to the board of trustees not less than thirty (30) days nor more than ninety (90) days prior to such date. (3) Upon retirement on the normal retirement date or an extended service retirement date, a member shall receive a pension beginning on the day after the employee retires from the city service equal to: (a) Effective January 1, 1995, one and one-tenth percent (1.1%) of the final average compensation multiplied by the total period of creditable service, in years and months. Between June 1, 1994, and December 31, 1994, one percent (1%) of final average compensation multiplied by the total period of creditable service, in years and months. For participants who terminated between June 1, 1994, and December 31, 1994, the benefit shall be recomputed using the formula effective January 1, 1995.