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1, 2000, who are presently receiving benefits and who terminated employment after eligibility for retirement, a mOnthly benefit increase of twenty-five dollars ($25.00) effective JanUary 1, 2002. In no event shall the benefits payable under this plan exceed the limitations of the Internal Revenue Code, Section 415; The payment of any benefits shall commence by April 1 st of the calendar year, following the calendar year when the employee attains the age of seventy and one-half (70.5); Ko 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; Lo 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 an 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 the purpose of crediting interest to such Investment Account under Section 2.62.051 (B)(i). The refund will not apply to employee contributions made after December 31, 1987. Section 2. as provided by law. This ordinance shall take effect and be in force from and after its passage CITY CLERK CERTIFIED TO BE CORRECT AS TO FORM: -5-