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1, 2000, who are presently rece!iving benefits and who terminated employment after <br />eligibility for retirement, a monthly benefit increase of twenty-five dollars ($25.00) <br />effective January 1, 2002. <br /> <br />In no event shall the benefits payable tinder this plan exceed the limitations of the Internal <br />Revenue Code, Section 415; <br /> <br />The payment of any benefits shall comrnence by April 1 st of the calendar year, following the <br />calendar year when the employee attains the age of seventy and one-half (70.5); <br /> <br />Ko <br /> <br />No retiree or surviving spouse shall be entitled to a new benefit of less than three hundred <br />twenty-five dollars ($325.00) a month.. This subsection shall not apply to a retiree who <br />terminated prior to eligibility for retirement nor to a surviving spouse of a member who <br />terminated prior to eligibility for retirement; <br /> <br />Lo <br /> <br />There shall be paid to an employee who is in service on or after September 1, 2000 and on <br />or before May 1, 2001 a refund of one hundred (100) percent of his or her accumulated <br />employee contributions without interest as of December 31, 1987; provided, however, that, <br />in the case of an employee for whom as Investment Account is established under Section <br />2.62.051 (A), such accumulated employee contributions shall be treated as if they had been <br />credited to the employee's Investment Account under Section 2.62.051(B)(i) solely for <br />purposes of (i) crediting interest to such Investment Account under Section 2.62.051 (B)(i); <br />and (ii) determining the employee's offset amount under Section 2.62.151(B). The refund <br />will not apply to employee contributions made after December 31, 1987. <br /> <br /> Section 2. This ordinance shall take effect and be in force from and after its passage <br />as provided by law. <br />PASSED I '1 dayof ~~ ~:.' ,2001. <br /> <br />CERTIFIED. TO BE CORRECT AS TO FOKM: <br /> <br />-5- <br /> <br /> <br />