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(b) For employees hired prior to January 1, 1973, the greater of the pension <br />payable under (a), the sum of (i) and (ii) below multiplied by 1.25 until December <br />31, 1996 and effective January 1, 1997, by 1.31. <br /> <br />(i) Two-thirds of one percent (2/3%) of the final average compensation <br />plus one percent (1%) of the final average compensation in excess of <br />$6,600; all multiplied by the period of creditable service, in years and <br />months, rendered prior to January 1, 1968. <br /> <br />Oi) Two-thirds of one percent (2/3%) of the final average compensation <br />plus one percent (1%) of the final average compensation in excess of the <br />average Social Secudty base; multiplied by the period of creditable service <br />in years and months, rendered subsequent to January 1, 1968. <br /> <br />The formulas under (a) and (b) shall only apply to terminations after June 1, 1994. <br />Benefits payable to participants terminated prior to June 1, 1994, shall be determined <br />under the formula in effect at the termination date. <br /> <br />The pension method in this section for any month shall be payable as of the last day of <br />the month. <br /> <br /> Section P. This ordinance shall take effect and be in force from and after its passage as <br />provided by law. <br /> <br />PASSED this_ 21st day of October , 1996. <br /> <br />ATTEST: <br /> <br />CITY CLERK <br /> <br />CERTIFIED TO BE CORRECT AS TO FORM: <br /> <br /> <br />