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BILL NO. ~3t4']0 ORDINANCE NO. (0o~50 AN ORDINANCE AMENDING CHAPTER 2.62 OF THE UNIVERSITY CITY MUNICIPAL CODE, RELATING TO THE POLICE AND FIREFIGHTER'S RETIREMENT SYSTEM, BY REPEALING SECTION 2.62.050 THEREOF, RELATING TO CONTRIBUTIONS FROM MEMBERS GENERALLY, AND SECTION 2.62.150 THEREOF, RELATING TO RETIREMENT BENEFITS GENERALLY-SCHEDULE, AND ENACTING IN LIEU THEREOF NEW SECTIONS TO BE KNOWN AS "SECTION 2.62.050 CONTRIBUTIONS FROM MEMBERS GENERALLY" AND "SECTION 2.62.150 RETIREMENT BENEFITS GENERALLY-SCHEDULE," THEREBY AMENDING SAID SECTIONS SO AS TO CHANGE THE DEFINITION OF BASE SALARY, AND INCREASE THE MONTHLY BENEFIT TO CERTAIN RETIREES WHO RETIRED PRIOR TO JULY I, 1999, BY FORTY DOLLARS ($40) EFFECTIVE JANUARY 1, 2000. BE IT ORDAINED BY THE COUNCIL OF THE CITY OF UNIVERSITY CITY, MISSOURI, AS FOLLOWS: Section 1. Chapter 2.62 of the University City Municipal Code, relating to the police and firefighter's retirement system, is hereby amended by repealing Section 2.62.050 thereof, relating to contributions from members generally, and Section 2.62.150 thereof, relating to retirement benefits generally-schedule, and enacting in lieu thereof new sections to be known as "Section 2.62.050 Contributions from members generally" and "Section 2.62.150 Retirement benefits generally-Schedule;" so that said sections, as so amended, shall read as follows: 2.62.050 Contributions from members generally. Every salaried member of both the police and fire departments of the city shall be assessed and required to pay into the police and ~remen's retirement fund, created pursuant to this chapter, a sum equal to five percent of the base salary. The base salary, as used herein, means the highest monthly salary according to the salary range, as contained in Section 1, Schedule B of the payroll ordinances then in use for a police officer and firefighter or paramedic firefighter, plus any salary increase because of twenty (20) years of service. If the amounts for such police officer and firefighter or paramedic firefighter (whichever is the highest salary of the fire group) are not the same, the mean of the two amounts shall be used as the base salary herein. An employee who has contributed for thirty (30) years to this fund shall be excused from any further contributions to the fund. The city, in making up its payroll for members of the police and fire departments, shall be authorized and required to deduct from the compensation and salary due each employee for each payroll period a sum representing five percent of the base salary, such deduction to be placed in a special fund, to be paid to the treasurer of the board of trustees of the police and firemen's retirement fund created pursuant to Chapter 2.50. The employee contribution hereunder shall be, within the meaning of the Internal Revenue Code, Section 414 (h)(2), treated as picked up by the city and -1-