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ORDINANCE NO. (035{ <br /> <br />AN ORDINANCE AMENDING CHAPTER 2.62 OF THE UNIVERSITY CITY <br />MUNICIPAL CODE, RELATING TO THE POLICE AND FIREFIGHTER'S <br />RETIREMENT SYSTEM, BY NEW SECTION 2.62.100 ESTABLISHING A <br />DEATH BENEFIT; CONTAINING AN EMERGENCY CLAUSE. <br /> <br /> BE IT ORDAINED BY THE COUNCIL OF THE CITY OF UNIVERSITY CITY, <br />MISSOURI AS FOLLOWS: <br /> <br /> Section 1. Effective January 1, 2002, Chapter 2.62 of the University City Municipal <br />Code, relating to the police and firefighter's retirement system, is hereby amended as follows: <br /> <br />1. Section 2.62.100 is added as follows: <br /> <br />2.62.100 Death benefit. <br /> <br />mo <br /> <br />The beneficiary of an active member of the fund who dies prior to becoming eligible for <br />retirement under Section 2.62.080(A) shall be paid a death benefit of $100,000; provided <br />that such death benefit shall not exceed the incidental death benefit limitations of the <br />Internal Revenue Code and the regulations thereunder. <br /> <br />Bo <br /> <br />The death benefit under this Section 2.62.100 shall be paid in a single lump sum, or in <br />such other form as the board of trustees shall approve, as soon as practicable after the <br />active member's death. <br /> <br />An active member shall designate his or her beneficiary in accordance with rules and <br />procedures established, and upon forms provided, by the board of trustees. In the event <br />an active member fails to designate a beneficiary, or the designated beneficiary <br />predeceases the active member, the beneficiary of the active member shall be his or her <br />surviving spouse; or, if no spouse survives the active member, his or her surviving <br />children in equal shares; or, if no children survive the active member, his or her surviving <br />parent or parents, in equal shares; or, if none of the foregoing individuals survives the <br />active member, his or her estate. <br /> <br />Do <br /> <br />The board of trustees may, but is not required to, purchase a life insurance policy to <br />provide the death benefit under Section 2.62.100(A). In the event the board of trustees <br />purchases such a policy, the terms and conditions of the policy shall supersede the <br />provisions of this Section 2.62.100 (except Section 2.62.100(A), (E) and (F) or as <br />otherwise required under the Intemal Revenue Code) to the extent inconsistent herewith. <br /> <br />1242538.05 <br /> <br /> <br />