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No retiree or surviving spouse shall be entitled to a new benefit of less than three hundred twenty-five dollars ($325.00) a month. This subsection shall not apply to a retiree who terminated prior to eligibility for retirement nor to a surviving spouse of a member who terminated prior to eligibility for retirement; There shall be paid to an employee who is in service on or after September 1, 2000 and on or before May 1, 2001 a refund of one hundred (100) percent of his or her accumulated employee contributions without interest as of December 31, 1987; provided, however, that, in the case of an employee for whom as Investment Account is established under Section 2.62.051 (A), such accumulated employee contributions shall be treated as if they had been credited to the employee's Investment Account under Section 2.62.051 (B)(i) solely for purposes of (i) crediting interest to such Investment Account under Section 2.62.051 (B)(i); and (ii) determining the employee's offset amount under Section 2.62.151(B). The refund will not apply to employee contributions made after December 31, 1987. 12. Section 2.62.151 is added as follows: 2.62.151 Offset provisions. As of the date benefits become payable under Section 2.62.150 on account of retirement, termination of employment or death to, or with respect to, an employee for whom an Investment Account is established under Section 2.62.051 (A), such benefits shall be reduced, but not below zero, by the actuarially equivalent annuitized value of the employee's offset amount determined under Section 2.62.151(B). Such reduction shall be in addition to any other reduction provided under this chapter. For purposes of Section 2.62.151(A), the employee's offset amount shall be equal to the sum of: the amounts credited to the employee's Investment Account under Section 2.62.051 (B)(i) and (C); provided, however, that the interest credited under Section 2.62.052(B)(i) and, if applicable, (C)(iii) shall be determined using an interest rate of seven percent compounded annually; all amounts that would have been contributed by the employee under Section 2.62.050 after April 30, 2001 if such contributions were determined on the basis of the base salary; and interest on each such amount determined under (1) and (2) from the date it was, or ~vould have been, credited to the employee's Investment Account through the date benefits become payable under Section 2.62.150 at the rate of seven percent compounded annually. 1242538 05 - 9 -