6357 - Laserfiche WebLink

Home Browse Search

BILL NO. ORDINANCE NO. {-055q' AN oRDINANCE AMENDING CHAPTER 2.62 OF THE UNIVERSITY CITY MUNICIPAL CODE, RELATING TO THE POLICE AND FIREFIGHTER'S RETIREMENT sYSTEM, BY REPEALING SECTION 2.62.150 THEREOF, RELATING TO RETIREMENT BENEFITS GENERALLY-SCHEDULE, AND ENACTING IN LIEU THEREOF A NEW SECTION TO BE KNOWN AS "SECTION 2.62.150 RETIREMENT BENEFITS GENERALLY-SCHEDULE," THEREBY AMENDING SAID SECTION SO AS TO INCREASE RETIREMENT BENEFITS TO CERTAIN EMPLOYEES WHO MADE CONTRIBUTIONS PRIOR TO JANUARY 1, 1988. 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 2.62.150 thereof, relating to retirement benefits generally-schedule, and enacting in lieu thereofa new section to be known as "Section 2.62.150 Retirement benefits generally-Schedule;" so that said section, as so amended, shall read as follows: 2.62.150 Retirement benefits generally--Schedule. Subject to the offset provisions contained in Section 2.62.151, there shall be paid to each employee found eligible to retire, and to the employee's spouse and children, as provided in Sections 2.62.080, from this fund herein created, or by workers' compensation benefits or a combination of both, when approved by the board of trustees, the following benefits: mo To an employee retired on account of age and service as set forth in Section 2.62.080(A), a monthly benefit according to the employee's attained age at his or her last birthday as follows: Age in Years Percentage of Base Monthly Salary 50 40% 51 44% 52 48% 53 52% 54 56% 55 or more 60% -1-