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ORDINANCE NO. ~q¢ <br /> <br />AN ORDINANCE AMENDING CHAPTER 2.62 OF THE UNIVERSITY <br />CITY MUNICIPAL CODE, RELATING TO POLICE AND <br />FIREFIGHTER'S RETIREMENT SYSTEM, BY REPEALING SECTION <br />2.62.150 THEREOF, RELATING TO RETIREMENT BENEFITS <br />GENERALLY-SCHEDULE, AND ENACTING IN LIEU THEREOF A <br />NEW SECTION TO BE KNOWN AS "SECTION 2.62.150 <br />RE'I'IREMENT BENEFITS GENERALLY-SCHEDULE", THEREBY <br />AMENDING SAID SECTION SO THAT THE FUNERAL BENEFIT TO <br />CERTAIN RETIRED EMPLOYEES SHALL BE DETERMINED BY THE <br />BASE SALARY AT THE TIME OF DEATH INSTEAD OF <br />RETIREMENT, AND SO THAT DEFERRED RETIREMENT BENEFITS <br />SHALL BE DETERMINED BY A SCHEDULE RATHER THAN A <br />FORMULA. <br /> <br />BE IT ORDAINED BY THE COUNCIL OF THE CITY OF UNIVERSITY CITY, <br />MISSOURI, AS FOLLOWS: <br /> <br />Section 1. Chapter 2.62 of the University City Municipal Code, relating to police and <br />firefighter's retirement system, is hereby amended by repealing Section 2.62.150 thereof, relating to <br />retirement benefits generally-schedule, and enacting in lieu thereof a new section to be known as <br />"Section 2.62.150 Retirement benefits generally-Schedule"; so that said section, as so amended, shall <br />read as follows: <br /> <br />2.62.150 Retirement benefits generally-- Schedule. <br /> There shall bet paid to each employee found eligible to retire, and to the employee's spouse and <br />children, as provided m Sections 2.62.080, 2.62.090 and 2.62.100 thereof from this fund herein created, <br />or by workmen's compensation benefits or a combination of both, when approved by the board of <br />trustees, the following benefits: <br /> A. To an employee retired on account of age and service as set forth in Section 2.62.080(A), <br />a monthly benefit equal to fifty-five (55) percent of the base monthly salary in effect at the date of the <br />employee's retirement. which payment shall be made monthly during the employee's life; <br /> B. To an employee retired on account of age and service as set forth in Section 2.62.080(B), <br />a monthly benefit equal to a percentage of the benefit described in subsection A of this section, such <br />percentage being equal to the ratio of the employee's years of service to twenty (20) years; <br /> C. To an employee retired on account of age and service as set forth in Section 2.62.080(C), <br />a monthly benefit according to the employee's attained age last birthday as follows: <br /> <br /> Percentage of <br />Age in Years Base Monthly Salary <br />50 40% <br />51 44% <br />52 48% <br />53 52% <br />54 56% <br />55 60% <br /> <br /> <br />