Laserfiche WebLink
AN ORDINANCE AMENDING CHAPTER 2.64 OF THE UNIVERSITY CITY <br />MUNICIPAL CODE, RELATING TO THE NONUNIFORMED EMPLOYEES <br />RETIREMENT SYSTEM, BY REPEALING SECTION 2.64.120 THEREOF, <br />RELATING TO BENEFITS OTHER THAN ON RETIREMENT, AND <br />ENACTING IN LIEU THEREOF A NEW SECTION TO BE KNOWN AS <br />"SECTION 2.64.120 BENEFITS OTHER THAN ON RETIREMENT," THEREBY <br />AMENDING SAID SECTION SO AS TO INCREASE THE AMOUNT OF DEATH <br />BENEFITS PAYABLE TO CERTAIN BENEFICIARIES OF EMPLOYEES WHO <br />DIE PRIOR TO RETIREMENT; 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. Chapter 2.64 of the University City Municipal Code, relating to the <br />nonuniformed employees retirement system, is hereby amended by repealing Section 2.64.120 <br />thereof, relating to benefits other than on retirement, and enacting in lieu thereof a new section to <br />be known as "Section 2.64.120 Benefits other than on retirement," thereby amending said section <br />so as to increase the amount of death benefits payable to certain beneficiaries of employees who die <br />prior to retirement; so that said section, as so amended, shall read as follows: <br /> <br />2.64.120 Benefits other than on retirement. <br /> <br />If the membership of an employee is terminated by reason of death prior to the employee's <br />normal service retirement date, the amount of the employee's accumulated contributions <br />shall be payable in a lump sum to the employee's designated beneficiary, plus a death benefit <br />of $100,000 payable as provided under the terms and conditions of a standard term life <br />insurance policy if approved by the city manager and purchased with funds in the <br />nonuniformed employees retirement fund, and if the city manager has elected not to purchase <br />such a policy, the death benefit shall be payable from the nonuniformed employees <br />retirement fund to the extent payment would be made under a standard term life insurance <br />policy. <br /> <br />If the membership of an employee is terminated by reason of the employee's death after the <br />employee's normal service retirement date but prior to the employee's actual retirement, the <br />employee's accumulated contributions shall be payable in a lump sum to the employee's <br />designated beneficiary. If the deceased member's designated beneficiary is his or her widow <br />or widower, they may elect to receive in lieu of the member's accumulated contributions a <br />pension payable for life computed as if a member had retired on the day of the member's <br />death and had elected the optional form of pension set forth in Section 2.64.130. <br /> <br />Should the membership of an employee be terminated by reason other than death or <br />retirement, such member shall be paid within one year the amount of the employee's <br /> <br /> <br />